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.

Who Qualifies?

In general:

  • 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


mov8.com
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.

To instruct us on your First Home Fund purchase, or for more information about the First Home Fund, get in with our Intermediary Conveyancing Team by calling 0345 646 0461 (Option 1) or by completing the form on this page.

The Prime Minister at 8.30pm on Monday, 23 March 2020 announced unprecedented measures restricting movement of the UK population in order to combat the spread of the Coronavirus Covid-19 pandemic.

We are experiencing a huge surge of calls and email requests following this announcement, at a time when our capacity is more restricted than normal by sickness absence. Our capacity to answer calls will be restricted and more calls than normal will end in voicemail. Those voicemails will then be emailed to our central, team email accounts and allocated appropriately to the relevant staff members.

Viewing Requests

Anyone hoping to view a property will be unable to arrange a viewing in the coming three weeks. Reassuring our clients through this particularly difficult time has to be our top priority.

We will have to take the unprecedented step of not responding to viewing requests in the meantime. When restrictions are lifted on movement we would ask that, if you remain interested, you submit a fresh request.

Please Remain Patient - We Are in This Together

We respectfully ask that anyone first makes contact with us by email in the coming days.

We are all in this together. We ask that everyone tries to be kind to each other and to our staff throughout what are already the most stressful and anxious of times for everyone, let alone someone who is supposed to be moving home.

Best wishes and be safe,
MOV8 Real Estate