First Home Fund Scheme
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First Home Fund Scheme – 18th December 2019
First Home Fund Scheme is a Shared Equity Scheme which the Scottish Government have created a £150 million pot to provide first-time buyers with up to £25,000 towards the purchase of a home or 49% of their purchase price whichever is lower. The scheme will run until the end of this Parliament in March 2021 or until the £150m has been allocated.
Shared equity means the Scottish Government will keep a financial stake in the property so you do not have to fund all of it and you will own the property outright but the Scottish Government will have security over the percentage provided.
More information can be found in the Buyers guide here
- First Time Buyers Scheme (If Joint, only one buyer requires to be a first time buyer)
- No price restrictions
- Available on New Builds & Existing properties
- You require a 5% deposit
- Only repayable on sale
- No monthly repayments or interest charged
- Can use your Help to Buy or Lifetime ISA
There are many lenders that will not lend in conjunction with the First Home Fund Scheme. However, as DL Mortgage Services Ltd has access to 1000’s of mortgage deals we can source the appropriate lenders and find the right deal for you.
For more information click here.