First Home Fund
First time buyers could buy with a £25,000 interest free loan and only a 5% deposit
What is First Home Fund?
First Home Fund is a scheme launched by the Scottish Government to help first-time buyers in Scotland purchase a home.
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 Scottish Government equity loan is only repayable when the home is sold.
Take a look at this example breakdown
|
Purchase price |
£200,000 |
|
Customer deposit |
£10,000 |
|
Scottish Government loan |
£25,000 |
|
Mortgage |
£165,000 |