First Home Fund
With the First Home Fund scheme you could buy your first dream home now with a £25,000 interest free equity loan and a 5% deposit
How does it work?
First Home Fund is a new scheme launched by the Scottish Government to help first-time buyers in Scotland purchase a home. The Scottish Government will provide an interest free equity loan of up to £25,000, you need to provide a minimum 5% deposit and your mortgage must be at least 25% of the purchase price.
You must be a first-time buyer who does not own, or has not previously owned, a property. If you are applying for a joint mortgage, only one applicant needs to be a first-time buyer to qualify for the scheme.
With First Home Fund, you own the property outright, the Scottish Government will contribute a maximum of 49% equity loan based on the property valuation or purchase price, whichever is lower, up to a maximum of £25,000. The equity loan is only repayable when the home is sold.
Worked example
|
Purchase price |
£200,000 |
|
Customer deposit |
£10,000 |
|
Scottish Government loan |
£25,000 |
|
Mortgage |
£165,000 |
First Home Fund is available for first time buyers on all David Wilson developments in Scotland, discover your dream home now.