First Home Fund available for first time buyers
Buy now with a £25,000 interest free equity loan and only a 5% deposit
What is First Home Fund?
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 deposit of 5% of the purchase price
- 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 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 |
The First Home Fund scheme is available on all Barratt Homes developments in Scotland, find your first home now.