First Home Fund
The First Home Fund is run by the Scottish Government and aims to help first time buyers purchase a property. Up to £25,000 is available to all first time buyers toward the purchase of a property. This is a shared equity scheme, where the Scottish Government will hold an equity share in the property under a shared equity agreement. The equity stake held by the Scottish Government is based on the property valuation
Example 1 - Property price; £100,000. Scottish Government equity share would be 25% (£25,000)
Example 2 - Property price; £250,000. Scottish Government equity share would be 10% (£25,000)
There is no restrictions on the price of the property purchased (unlike the HTB cap of £200,000). The scheme is open to all first time buyers in Scotland, including single and joint purchasers until 31st March 2021.
A minimum deposit of 5% is required and you must have a capital repayment mortgage to run along side the Scottish Government Loan. No interest will be charged on the Scottish Government stake.
To find out more contact your Independent Mortgage or Financial Advisor or call us for more information. The First Home Fund could turn your dream of owning a new GS Brown Home into a reality! Call Free phone 0800 731 4034.