A new way to help make buying your first home easier.
亚博电竞网站If you’re a first-time buyer, looking for a home in Scotland, and want to move with just a 5% deposit, then First Home Fund is for you.
With up to £25,000 towards your home from the Scottish Government, it makes buying your very first place that little bit easier.
How the First Home Fund can help you buy
Let’s take a £150,000 home. With a £25,000 government contribution, you’ll only need a 5% deposit of £7,500 and a mortgage for £117,500.
The First Home Fund contribution means you need a smaller deposit, so you can stop saving and start moving sooner.
亚博电竞网站Plus, you’re borrowing less, so your monthly mortgage repayments will be lower too.
How the First Home Fund Works
So, how does First Home Fund work, and who is eligible? Here’s First Home Fund, explained.
- Backed by the Scottish Government, the First Home Fund contributes up to £25,000 towards your new home in Scotland.
- You must be a first-time buyer and the First Home Fund is only available for the home you plan to live in. If you’re buying with someone else, only one of you needs to be a first-time buyer to qualify.
- It’s not a loan, so there’s no monthly interest payments to make. The equity share is paid back if the home is sold or earlier if you choose to do so.
- The Scottish Government will have an equity share in the property, but you will own the property outright.
- You’ll need a minimum deposit of 5%. The mortgage must be at least 25% of the purchase price and on a repayment basis. This scheme is not available to cash buyers.
- The First Home Fund can be used alongside any Keepmoat Homes offers and incentives.
- There’s an admin fee of £550 to the Scottish government for successful applications, payable 3 weeks prior to completion.
- The money for the First Home Fund is from a total fund of £200m set aside by the Scottish Government and the scheme is only open until 31st March 2021. So, don’t miss out. Find your home today.
Have any questions? We’re here to help you though every step of your home buying journey. Our experienced and friendly Sales Executives are on hand to answer any questions you may have.