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First Home Fund
The First Home Fund is no longer running.
However, LIFT could be right for you.
The First Home Fund was available to all first-time buyers in Scotland, the funding was offered in the form of a shared ownership arrangement. This meant that the Scottish Government would purchase a portion of the property with the funding, leaving the buyer to fund the remainder with a deposit and a mortgage. The First Home Fund is now closed and has no plans on returning. Much like the First Home Fund, LIFT is a shared equity scheme and a great choice for many applicants who were interested in the First Home Fund. To learn more please click the button below. As part of the First Home Fund, buyers needed to provide a minimum deposit of 5% of the property value and their mortgage had to 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, the buyers chose to increase their equity stake over time or to repay their share when they sell their home. As an example, if your deposit and mortgage pays for 85% of the home’s value, the Scottish Government would hold a 15% share. This means that when buyers sold their property, 15% of the final sale price will be paid to the Scottish Government. Please note: The First Home Fund Scotland scheme is no longer running and there are currently no plans for its return.Ready to apply to mortgage your first home?
While the First Home Fund may no longer be running there are still schemes that are available to help you. Our team is here to understand your unique position and assist you in finding the right options. You can learn more about help for First Time Home Buyers right here on our website or get in touch with a member of our team.How Much Can I Borrow?
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!
What's your total annual pre-tax income?
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 EnquiryEligibility Criteria
- Only open to first time buyers who have not previously owned a property anywhere in the world. If you are making a joint application, only one is required to be a first time buyer.
- The property purchase must be at least 25% funded by a capital and interest repayment mortgage.
- The applicant(s) must put down a minimum deposit of 5%.
- The property must be the applicant’s sole residence. It may not be let out.
- The First Home Fund cannot be combined with any other Scottish Government schemes.
- Help to Buy ISA or LISA funds may be used towards the deposit.
- Applicants must have had an offer accepted (even if verbally) before applying.
Scheme Details
- Both new build and existing properties may be purchased.
- There is no cap on the maximum property value. The First Home Fund contribution cannot exceed the lower of 49% of the value of the property, or £25,000.
- Properties can be purchased above market value. However, the equity share will be calculated based on the property valuation, or the purchase price if lower.
- There is no fixed deadline for repayment and no interest is charged.
- On the sale of the property, the Scottish Governments equity share is calculated on the sale price and repaid in full.
- Homeowners may increase their share at any point, in tranches of 5% or more. If their share is at 90%, it can only be increased to 100%.
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.
Say goodbye to fees
We won't charge you a penny. Ever.
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?
Our Promise
Because your peace of mind matters to us.
We’re so confident in finding the best mortgage or remortgage 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.
Not Quite Ready?
That's alright, we know it's not everyday that you get a mortgage.
We don’t charge any fees. Ever.
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.
FirstMortgage.co.uk
The right mortgage for you. Every time.
Our 'Best in Market' Mortgage Promise
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.