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| Help to Buy scheme runs out of money in Scotland | Help to Buy scheme runs out of money in Scotland |
| (about 2 hours later) | |
| The Scottish government's Help to Buy scheme has run out of money for this financial year - only three months after a new round started. | The Scottish government's Help to Buy scheme has run out of money for this financial year - only three months after a new round started. |
| All the funds allocated for the central area of Scotland has now been allocated - accounting for 80% of the funding. | All the funds allocated for the central area of Scotland has now been allocated - accounting for 80% of the funding. |
| Anyone hoping to get a Help to Buy there before next April will now have to find the extra money elsewhere or let their house deal fall through. | Anyone hoping to get a Help to Buy there before next April will now have to find the extra money elsewhere or let their house deal fall through. |
| The government in April set aside enough money to fund 2,000 home deals. | The government in April set aside enough money to fund 2,000 home deals. |
| By the start of July, there were only 600 deals available. | By the start of July, there were only 600 deals available. |
| Within the last 10 days, all the contracts for the central belt, Argyll and Bute and the Scottish Borders have been signed, with only a few remaining in Aberdeen, Inverness and Orkney. | |
| Out of the blue | Out of the blue |
| Help to Buy Scotland is designed to help homebuyers own 100% of their new home through obtaining up to a 75% mortgage with as low as a 5% deposit. | Help to Buy Scotland is designed to help homebuyers own 100% of their new home through obtaining up to a 75% mortgage with as low as a 5% deposit. |
| Scott Kennedy from the mortgage firm Lifetime Planning says the news that the funding will no longer be available for most of the country has come out of the blue. | Scott Kennedy from the mortgage firm Lifetime Planning says the news that the funding will no longer be available for most of the country has come out of the blue. |
| "These people potentially have been planning this for a very long time and, within 10 days, the scheme has literally closed, so there will be a number of people who will be upset by this there's no question," he told BBC Scotland. | "These people potentially have been planning this for a very long time and, within 10 days, the scheme has literally closed, so there will be a number of people who will be upset by this there's no question," he told BBC Scotland. |
| The Scottish government has said demand for the scheme is high. | The Scottish government has said demand for the scheme is high. |
| "People can continue to apply to purchase homes which will be completed from 1 April 2015," it said in a statement. | "People can continue to apply to purchase homes which will be completed from 1 April 2015," it said in a statement. |
| "If people are considering buying a house through the scheme, in the first instance they should contact the agents managing the scheme to check availability." | "If people are considering buying a house through the scheme, in the first instance they should contact the agents managing the scheme to check availability." |
| A total of £140m was set aside for this financial year and, from April 2015, a smaller amount of money - just £100m - is due to be available. | A total of £140m was set aside for this financial year and, from April 2015, a smaller amount of money - just £100m - is due to be available. |
| 'Extremely disappointing' | 'Extremely disappointing' |
| With demand at current levels, it is likely that those funds will quickly become allocated. | With demand at current levels, it is likely that those funds will quickly become allocated. |
| The Scottish government told house builders about the shortage at the beginning of July and clarified that no more money would be made available. | The Scottish government told house builders about the shortage at the beginning of July and clarified that no more money would be made available. |
| Industry body Homes for Scotland responded by saying: "This news is extremely disappointing as it follows a recent meeting with a small group of the Homes For Scotland board and Deputy First Minister Nicola Sturgeon to voice our concerns regarding the budget situation and the need for a longer-term scheme." | Industry body Homes for Scotland responded by saying: "This news is extremely disappointing as it follows a recent meeting with a small group of the Homes For Scotland board and Deputy First Minister Nicola Sturgeon to voice our concerns regarding the budget situation and the need for a longer-term scheme." |
| For those who had been planning on buying a new home in the next nine months, or were even close to signing a deal, the news that the money has run out will be particularly harsh. | For those who had been planning on buying a new home in the next nine months, or were even close to signing a deal, the news that the money has run out will be particularly harsh. |
| Many buyers have been proceeding on the basis that they would get that extra 20% from the government, so it is likely that a number of deals will now fall through. | Many buyers have been proceeding on the basis that they would get that extra 20% from the government, so it is likely that a number of deals will now fall through. |
| That will not only cause problems for house buyers but will have a knock-on effect on house builders, who will find it harder to sell the new homes they are building. | That will not only cause problems for house buyers but will have a knock-on effect on house builders, who will find it harder to sell the new homes they are building. |