All you need to know about Scotland's First Home Fund
The First Home Fund is due to start accepting new applications as of 1st April 2021, so I thought it would be a good idea to share some information on how it actually works. The scheme was hugely successful last year and helped thousands of first time buyers get their first home in Scotland.
Here’s a brief of the key features and qualifying criteria:
Available to First Time Buyers (if a joint application then only one person needs to be a first time buyer)
Government contribution of up to £25,000
Only a 5% deposit is required
No monthly payments to the government
Equity share is only repaid back to the Government when you sell the property
Can be used to buy a new build or existing properties
Can also use an existing Help To Buy ISA for your deposit
This is a fantastic opportunity for people to get on the property ladder but you need to be quick as the funding pot is only at £60million this year, rather than the £200million made available last year.
So if you’re thinking of getting that dream home you need to act fast..
While the scheme hasn't reopened just yet, if you're interested in applying, then the Scottish Government has recommended that you seek independent mortgage advice to check that the scheme is right for you and your circumstances. Fortunately we work with a fantastic whole of market advisor that will provide this service to you for free. Just get in contact for further details or call me on 01236 316004 if you have any questions. I'd be delighted to help you.
Take care and stay safe.