FIRST HOME FUND
WHAT IS IT?
The First Home Fund is a £200 million shared equity pilot scheme to 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.
COMMON QUESTIONS
WHAT IS THE FIRST HOME FUND?
The First Home Fund is a £200 million shared equity pilot scheme to 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.
WHO CAN APPLY FOR THIS FUNDING?
It is open to all first-time buyers in Scotland and can be used to help buy both new build and existing properties. If you are making a joint application to the First Home Fund, only one of you needs to be a first time buyer.
WHEN DOES THE SCHEME OPEN?
The scheme opened in December 2019 and will provide £200 million of funding for first-time buyers. Due to high uptake in recent weeks, the First Home Fund closed to new applications at 6pm on Friday 2 October 2020. This represents a pause in the First Home Fund scheme which will re-open in 2021 for purchases completing from 1 April 2021 to 31 March 2022. Applications will reopen on 1 April 2021.
WHO CAN OFFER ME A MORTGAGE ALONG WITH THE FIRST HOME FUND?
The following lenders offer mortgages for the First Home Fund:
Bank of Scotland
Barclays
Capital Credit Union
Glasgow Credit Union
Halifax
Leeds Building Society
The Mansfield Building Society
Nationwide
Scotwest Credit Union
TSB
Vida Homeloans
Skipton
