Help to buy scheme pitches up in Deeside

Bancon MD Iain Innes outside the Banchory Business Centre
Bancon MD Iain Innes outside the Banchory Business Centre

A Deeside village is set to become one of the first places in Scotland to have properties built under the new Government ‘help to buy’ scheme.

Local developers Bancon Homes is offering the scheme, which only became operational North of the border at the start of October, at it’s Kemsley Green development at Aboyne.

Primarily aimed at first-time buyers, the scheme would require a 5% deposit from a buyer, the Government will then pay in 20% of the cost of the home with a mortgage needed for the remaining 75%.

Set up to boost the housing market and economy generally, the Government would then re-coup the money after the house had been sold further down the line.

Buyers are asked to take independent financial advice and ultimately it is up to the Scottish Government to decide if an applicant is eligible.

Bancon have already sold 18 of their 30 properties at Kemsley Green.

Speaking exclusively to the Piper, Managing Director of Bancon Homes Iain Innes said: “The scheme is primarily aimed at first time buyers but is open to anybody, which I think is a wider advantage of it, basically it is going to help people access cheaper mortgages... you should be able to access a bigger house for less money.

He spoke of the financial crash of 2008 and the changes to the market afterwards: “Until 2008 the housebuilding market was functioning normally, access to finance wasn’t really an issue, affordablity wasn’t really an issue either... obviously since then the lending criteria has tightened dramatically. I think this is just a response to where the Goverment is. It’s been introduced basically to kick-start the market and to allow people who can genuinely afford to pay the mortgage to access the finance.”

He said the scheme could also prove a boost to both the local and national economy: “The site has already started selling fast so that has meant that employment has increased in Aboyne in the short-term. We always thought there would be a 20% boost to production on the sites where this applies. Bancon’s policy is that we employ locals wherever possible, whether they be contractors or labourers, we share wherever we can with the local economy.”

The Kemsley Green showhome is open Friday to Sunday from 11am to 5pm. Prices at the development start at £283,000.