The help first-time buyers Scottish Government
What is the First Home Fund?
The First Home Fund is run by the Scottish Government and aims to help first-time home buyers purchase a property.
Up to £25,000 is available to all first-time buyers towards the purchase of both new build and existing properties.
A government equity loan of up to £25,000
or 49% of the property value, whichever is lower.
No monthly repayments
The loan can simply be cleared off at any time, or on sale of the property. Although the Scottish Government will have an equity share in the property, you will own the property outright and hold the full title.
Open to first-time buyers
Or joint applicants who are buying with a first-time buyer.
No means testing nor property price limits
Plus it's available for new build homes, and can be combined with a Help to Buy or Lifetime ISAs.
Government equity loan of up to £25,000
Shared equity means you split the cost of purchasing the property with the Scottish Government. You will fund your share through a deposit and a mortgage, with the remaining share being provided by the Scottish Government.
Mortgage must be:
of the purchase price
4 Simple Steps To A First Home Fund
Buyer has offer accepted on a property or reserves a plot with Milestone developments .
Buyer/IFA submits application to Admin Agent. Admin Agent completes sustainability checks and that application meets criteria.
If application is approved, Award Letter is issued. Standing Instructions & Sales Log Form issued to buyer’s solicitor.
Buyer’s solicitor completes title and property check. IFA/Mortgage Adviser prepares full mortgage application. Property valuation sent to Admin Agent.
IFA/Mortgage Adviser prepares full mortgage application. Property valuation sent to Admin Agent.
Buyer’s solicitor concludes missives and confirms to admin agent.
3 months to conclude missives.
Scottish Government solicitors issue legal documentation to buyer’s solicitor.
Buyer’s solicitor arranges for Standard Security and Ranking Agreement to be signed.
Buyer’s solicitor sends Certificate of Title to Admin agent.
6 month timescale
Buyer fee must be paid 3 weeks before settlement.
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