First Home Fund
The Scottish Government’s First Home Fund is a shared equity scheme that helps first-time home buyers purchase a property that meets their needs and is located in the area they want to live.
The scheme will provide you with up to £25,000 towards the purchase of a home and can be used for both new build and existing properties.
As this is a shared equity scheme, both you and the Scottish Government will hold an equity share in the property under a shared equity agreement.
The First Home Fund budget for 2021-22 is now fully committed and applications are closed.
Any applications in progress but not yet submitted at point of closure are unable to be processed. As long as your application was submitted prior to the scheme closing and meets the scheme criteria this will be processed.
The LIFT and Help to Buy Shared Equity Schemes remain open, details of which are at https://www.gov.scot/policies/homeowners/ and Shared equity Scotland | Link Group (linkhousing.org.uk).
Applications will now be assessed in order of anticipated settlement date on the application form. Today we are working on those with an anticipated settlement date between 10 – 30 April.
Actual settlement dates will be based on the published timescales subject to accurate information being submitted on time by your solicitor after approval.
We will do everything possible to ensure the smooth settlement of transactions.
The Scottish Government continues to support homebuyers and the housebuilding sector through existing schemes including Help to Buy (Scotland) and the Low-cost Initiative for First Time Buyers (LIFT).
Frequently Asked Questions
- Can I apply for the First Home Fund 2021-22 funding before the scheme re-opens?
No. Applications for 2021-22 funding can only be submitted when the scheme re-opens on 1 April 2021, via the online form which will open at 9am.
- I have decided against buying the property I was approved to buy with support from the First Home Fund: can I change the property or do I need to re-apply?
You must re-apply if the property you originally intended to buy changes. The only exception is a different plot number with a property of the same value and builder within the same development, prior to receipt of Solicitors Confirmation Letter.
- Will there be changes to scheme criteria for 2021-22 applications?
No changes will be made.
- Can I apply to the First Home Fund after conclusion of missives?
We have received a number of enquiries about whether applications can be made after conclusion of missives: this is not permitted except where there are exceptional circumstances and the usual application handling timescales would not be compromised. This also applies to cases where builders are asking clients to sign a “conditional missive” now, for a reservation in 2021-22, prior to the scheme re-opening on 1 April 2021. This practice is not permitted as we cannot guarantee funding.
- What if conclusion of missives is delayed for my 2021-22 application?
We are giving applicants longer than 3 months to conclude missives, provided the transaction concludes within the normal 9 month validity period or by 31 March 2022, whichever is earlier.
Information for buyers
- Guidance leaflet for buyers
- Applicant Journey Flowchart
- First Home Fund Overview
- Scottish Government Shared Equity Scheme Post Sales Information for Buyers
The following lenders offer mortgages for the First Home Fund:
- Bank of Scotland
- Capital Credit Union
- Glasgow Credit Union
- Leeds Building Society
- The Mansfield Building Society
- Scotwest Credit Union
- Scottish Building Society
- Vida Homeloans
Information for homebuying professionals
- Guidance leaflet for lenders & IFAs
- Administrative procedures
- Sustainability calculator
- After Sales Shared Equity Procedures
- Application form sample – all applications must be online
- Award letter
- Standing instructions to solicitors
- Settlement timescales
- Solicitors Confirmation Letter Accuracy Calculator
- Solicitor Form Completion Guidance
- Acceptable evidence
Link’s After Sales team provides a range of services and transactions for buyers who purchased their home through one of the Scottish Government’s shared equity schemes. Find out more.
More information on the First Home Fund and the eligibility requirements can be found on the Scottish Government website.
Contact the First Home Fund team on email@example.com or 0330 303 0555.