First Home Fund
The First Home Fund is now closed and will not reopening in financial year 2022-23.
Frequently Asked Questions
- 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 cannot change the approved property. 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 applications re-open?
The Scottish Government has taken the decision not to reopen the Help to Buy (Scotland) (Affordable New Build and Smaller Developers Schemes) and the First Home Fund next financial year 2022-23.
The Scottish Government will continue to fund the LIFT Open Market Shared Equity Scheme and the LIFT New Supply Shared Equity Scheme in 2022-23.
- Why are Help to Buy (Scotland) and First Home Fund closing?
As signalled in Housing to 2040, the Scottish Government wants to shift the focus of support to helping people to renovate, adapt or improve the energy efficiency of their homes.
These schemes were set up to support buyers at times when mortgage lenders were less likely to lend to those with a smaller deposit. Help to Buy, in particular, aimed to support the housebuilding sector and buyers after the financial crash in 2008. However, the steady recovery in the higher loan-to-value mortgage market and the strong housebuilding sector mean that the time is now right for the Scottish Government to step back.
- My property settlement date may be delayed beyond 31 March 2022. Will an extension be granted?
Due to supply chain issues and Covid-19, any Help to Buy (Scotland) and First Home Fund settlements that are delayed beyond 31 March 2022 will be honoured. Please let us know as soon as possible of any changes to settlement dates.
- What length of extension can I request?
While transactions which are delayed and cannot settle by 31 March 2022 will be honoured, a reason for the delay and an estimated new settlement date should be provided. Where new settlement dates cannot be provided these cases will be considered on an individual basis as to reason and likelihood of any settlement being achieved.
Link’s Shared Equity 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.
Contact the First Home Fund team on email@example.com or 01324 417228.