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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 

 

FOR MORE INFORMATION

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SCOTTISH GOVERNMENT

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LINK HOUSING