Scottish Government axes Help to Buy
Scotland blames a lower than expected funding settlement from Westminster for the sudden move
The Scottish Government is to scrap the Help to Buy scheme due to budget constraints.
Applications for the scheme will close in a week, following a 66.5pc cut in budget payments – or so-called "Financial Transactions" – from the Treasury. This cut was outlined in the UK Government's spending review in November.
The Scottish Help to Buy scheme gives first time buyers a loan of up to 15pc of the purchase price of a new build home. The decision does not affect similar schemes in England, Wales and Northern Ireland.