Available to all first time buyers in Scotland, the funding is offered in the form of a shared ownership arrangement. This means the Scottish Government will purchase a portion of the property with the funding, leaving you to fund the remainder with your deposit and a mortgage.
As part of the scheme, you will need to provide a minimum deposit of 5% of the property value and your mortgage must be at least 25% of the purchase price.
There are no monthly repayments to the Scottish Government for their contribution and no interest will be charged – instead, you can choose to increase your equity stake over time or you can repay their share when you sell your home.
As an example, if your deposit and mortgage pays for 85% of the home’s value, the Scottish Government will hold a 15% share. This means that when you sell your property, 15% of the final sale price will be paid to the Scottish Government.
All first time buyers in Scotland are eligible for the scheme, and there are no restrictions based on earnings or the value of the property – so long as the government’s contribution doesn’t make up more than 49% of the property value.
Although the Scottish Government will have an equity share in the property, you will own the property outright.
Speak to one of our advisors today and we’ll be happy to advise you on how much can borrow and whether the First Home Fund is right for you. Whatever your mortgage needs, we take our time to understand your unique set of circumstances to see what’s really possible.
We don’t stop at finding the very best mortgage deal for you either, we go that extra mile in ensuring a hassle-free home purchase, liaising with your solicitor and conveyancer, and even doing all the paperwork for you – so that you can, well, get on with your day!
So whether you’ve already found that dream home or you simply want to know how much you can afford to borrow - we’re ready when you are, in-branch over a cup of coffee or over the phone using our nationwide telephone service, the choice is yours!
Your advisor will calculate exactly how much you can borrow based on your personal circumstances, and what that would cost, whilst explaining the purchasing process in simple terms – no jargon!
Great news, you could borrow up to: £45,000
Great news, you could borrow up to: £35,000
To find out exactly how much you can borrow based on your specific circumstances, please make an enquiry to speak to an advisor.Quick Enquiry
The First Home Fund was launched by the Scottish Government in December 2019 to help first time buyers buy their first property. The scheme will run until the £150m fund has been drawn down, or until March 2021.
We’re not just any mortgage broker – we’re a free, award winning mortgage broker with access to the best deals out there. And there’s no catch. While most mortgage brokers will charge you a hefty fee for using their service, we don’t. Our service is funded entirely by mortgage lenders, so you can bid farewell to advice fees. Did we mention we’ll even do all the paperwork for you?
We’re so confident in finding the best mortgage deal available to you that every mortgage we source comes fully backed by our one of a kind mortgage guarantee.
If you can get a better mortgage offer from anywhere else, we’ll give you £500.
All mortgage brokers get paid a fee by the lender upon completion of a mortgage. In addition to this, most of these brokers will also charge you a hefty fee.
This fee typically ranges from £300 to £500 per client, with some brokers charging as much as £1,250.
We know you don’t like fees, and we don’t either.
Our service is funded entirely by mortgage lenders, which doesn’t affect your mortgage in any way, and means you won’t ever have to pay us a penny. Combined with our Best in Market mortgage guarantee – where we’ll pay you £500 if you get a better deal elsewhere – we can confidently say there is no better place to go for your mortgage needs.
So whether you simply want to know what options are available to you, what you can afford or you’ve found the house of your dreams, get in touch and we’ll get the right deal in place for you.
The right mortgage for you. Every time.
At First Mortgage, we’re so confident in our choice of products and our advice, that we provide every customer with a simple guarantee – should you receive a better offer from another lender than the mortgage offer issued by the First Mortgage applied for lender, we’ll happily pay you £500!
This promise is offered exclusively to First Mortgage clients who receive a better mortgage offer from another lender, on a like for like product basis, than the mortgage offer already issued by the First Mortgage applied for lender.
It’s Really That Simple
We are so confident that our range of products and advice cannot be beaten that we provide this gimmick-free offer to all our clients. Simply provide us with a copy of the alternative mortgage offer at least 10 days prior to completion/entry date, which confirms eligibility for a mortgage product that has a lower true cost over the special rate period than the mortgage recommended by First Mortgage, and we will pay you £500.