First Home Fund
The First Home Fund is a newly created, £150 million shared equity pilot scheme that will provide first-time buyers with up to £25,000 to help them buy a property that meets their needs and is located in the area where they want to live.
It is open to all first-time buyers in Scotland and can be used to help buy both new build and existing properties.
- Only First Time Buyers can qualify for this scheme
- Applicants can borrow up to £25,000
- The First Home Fund loan cannot be for any more than 49% of the property value i.e. a £25,000 loan on a £40,000 property would not be possible
- The award is only granted once for the property. For people buying together, they must either submit a joint application or one person applies alone.
The applicant must:
- live in the property that they are purchasing as their main residence
- not let the property, take-in lodgers or share occupation with others
- take-out a mortgage for a minimum of 25% of the purchase price e.g. on a £200,000 property the mortgage must be at least £50,000
- put down a deposit of at least 5% of the purchase price e.g. on a £200,000 property the buyer’s own deposit must be at least £10,000
Buyers can still use a Help to Buy ISA (if opened before the scheme closed on 30 November 2019) or a Lifetime ISA to assist towards the purchase.
Your Journey Using First Home Fund
Credit: Scottish Government
We’re Here To Help
MOV8 are experts in the First Home Fund and the tight timescales involved in ensuring that you secure your dream home using the First Home Fund.