SCOTTISH GOVERNMENT
SUPPORT FOR
FIRST TIME BUYERS
The First Home Fund is a new Scottish Government scheme to help first time buyers take their first step onto the housing ladder. The new fund will offer first time buyers up to £10,000 towards a deposit for their first property.
The Scottish Government’s First Home Fund is helping more first-time buyers turn homeownership into reality. Available on properties up to £300,000, whether new-build or existing, the shared equity scheme is designed to make buying your first home more affordable. As part of a wider commitment to support 50,000 households, the first phase alone aims to help 2,000 first-time buyers onto the property ladder by September.
When you use the First Homes Fund, the Scottish Government takes a percentage share of your property, but you remain the homeowner and hold the title to the property. To secure the Government’s contribution, you’ll need a mortgage covering at least 25% of the purchase price. The Government’s share is typically repaid when you sell your home in the future.
Before applying for the First Homes Fund, you’ll need to have an offer accepted on a property. However, it’s a good idea to understand your options before you start your house-hunting journey. Get in touch with our team to find out more — we can answer your questions, explain how the scheme works, and help you decide if it’s the right option for you.
First Home Fund
At present, there are no specific restrictions on who can apply for the First Homes Fund, and the scheme can be used to purchase both new-build and existing properties.
However, as the scheme involves additional criteria, paperwork and coordination between your mortgage, the property purchase and the Scottish Government contribution, the process can sometimes feel complicated.
A fee-free mortgage adviser can help make things much simpler. They can explain how the scheme works, check whether it is suitable for your circumstances, guide you through the application process and help ensure everything is completed correctly from start to finish.
Take you First Step Onto
The Property Ladder
Our mortgage advisers have years of experience helping first time buyers realise their dream of owning their own home.
Apply For A First Home Fund Today
We will arrange a meeting to discuss your circumstances and assess your best options. Our advisers are highly experienced and the process is smooth.
You are under no obligation to take any advice offered and you won’t be charged a penny by ourselves at any stage.
Let’s chat and find out your options today.
Got A Question?
Excellent, ask as many as you want! We’re here to help…