Ways to buy
If you are a first-time buyer there is help to get you on the property ladder and secure your dream home.
First Home Fund is a Scottish Government scheme that can provide up to £25,000 towards the cost of buying a first home.
The funding is available on a “shared equity” basis, with no monthly or interest payments. You can either pay back the amount over time, or when you eventually sell the house.
Those who qualify need to have a minimum 5% deposit and the mortgage must be at least 25% of the purchase price. The fund is only available to buy a first home, which must be your main residence.
The scheme is open to all first-time buyers in Scotland who are taking out a mortgage. You will not be able to apply to the scheme if you are a cash buyer or if you have previously owned a property in the UK or abroad at any time (as either a sole or a joint owner).
While the scheme is open to all first-time buyers there are a few requirements that you will need to be aware of:
• The maximum contribution from the Scottish Government is £25,000 or 49% of the property valuation figure or the purchase price (whichever is lower). If you purchase a property for less than the valuation figure then the maximum Scottish Government contribution is £25,000 or 49% of the purchase price. Example of different equity shares
• There is a limit of one application per property. You can submit a joint application however you will be limited to one award of £25,000. • Your mortgage must be at least 25% of the purchase price.
• Your mortgage must be capital repayment.
• The property must be the sole residence of all applicants. The scheme is not available for buy-to-let properties.
• You cannot apply to other Scottish Government shared equity schemes (e.g. Help to Buy (Scotland) Affordable New Build, Help to Buy (Scotland) Smaller Developer, New Supply Shared Equity or Open Market Shared Equity) while also applying to this scheme. If you have an open application to any other shared equity scheme in Scotland you must withdraw this before you apply to this scheme. However you are able to use a Help to Buy: ISA or Lifetime ISA to go towards your deposit.
If this is of interest and you would like to find out if you qualify, please speak to your Independent Financial Adviser (IFA). Or email us below and we can put you in touch with one.
A fully detailed information leaflet can be downloaded here or obtained in hard copy from our Sales Executive
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