Calling all first time buyers living in Scotland. A new scheme called First Home Fund is now available to anybody who is a first time buyer in Scotland. First time buyers can get up to £25,000 to help you buy your first home. This scheme covers second hand properties and new builds too.
How does it work?
The way it works is you find a property you would like to take off the market and make an offer before applying for the First Home Fund scheme, which you can apply for here.
Scheme approval will be given a 3-month period within which the sale should be concluded. A further 6-month period will be available for the settlement of a new build property, this allows for a longer period needed to complete a new build purchase.
Who can apply?
This scheme is open to single and joint purchasers and all applicants for the First Home Fund scheme will need to take out a capital repayment mortgage (This is a mortgage where you pay back the amount borrowed and the interest together monthly).
Here is a list of lenders who offer mortgages for the First Home Fund scheme:
- Bank of Scotland
- Glasgow Credit Union
- Leeds Building Society
- Scottish Building Society
- Scotwest Credit Union
All applicants will be able to combine contributions from the UK Government’s Help to Buy ISA or the Lifetime ISA with support from this scheme.
How long will this scheme be running?
The First Home Fund is available until March 2021.
If you have any questions about this scheme, book an appointment with one of our Embrace Consultants today.
More information about the scheme can be found here on the Scotland Government Website.