There is a maximum amount of £25,000 available to all first-time buyers towards the purchase of a new build property.
First-time buyers are those who don’t own, or haven’t previously owned, a property in Scotland or anywhere else in the world.
To participate in this new scheme, you must have a minimum deposit of 5% of the purchase price of the property (subject to individual lender requirements) and your mortgage must be at least 25% of the purchase price.
Using this new scheme means the Scottish Government will have an equity share in your property, however, you will own the property outright. It’s important to be aware that there are no monthly repayments to be made towards the Scottish Government and there will be no interest charged.
The fund is available to all first-time buyers in Scotland who are taking out a mortgage. If you’re a cash buyer, you cannot apply for the scheme.
Some requirements buyers should be aware of include:
The fund will close to new applicants on Friday 2nd October at 6pm. However, the First Home Fund will reopen in April 2021. The Scottish Government is yet to decide what funding is available for 2021.
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