First Home Fund set to assist thousands of first-time buyers
Link is delighted to be administering a new shared equity pilot scheme on behalf of the Scottish Government to help first-time buyers with up to £25,000 towards the cost of a home.
The Scottish Government’s First Home Fund will make the housing market fairer by providing a total of £150 million until March 2021 to help at least 6,000 people to buy their first home.
The First Home Fund is open to all first-time buyers in Scotland and can be used to help buy both new build and existing properties.
First Minister Nicola Sturgeon said: “For many people, getting a deposit together is often an obstacle in buying their first home. Removing barriers and supporting people to buy the home they want is at the heart of this new fund. That is why we are acting to make the process fairer, to offer a helping hand to those buying a new home.
“The First Home Fund will provide first-time buyers with up to £25,000 towards the cost of buying a home that meets their needs and is located in the area where they want to live.
“Since 2007, the Scottish Government has provided more than £1.2 billion in shared equity schemes, which have helped tens of thousands of people into home ownership, particularly those aged under 35 and this new scheme adds to the support we are providing.”
Shadrech Chipwatali, from Livingston, a former member of the armed forces who bought through the existing Open Market Shared Equity Scheme, said:
"This scheme gave us an option to get a house of our own when we least expected it and the process is very simple, quick and straightforward. As a member of the armed forces, it was especially ideal as the Low-cost Initiative for First Time Buyers (LIFT) scheme gave me an option to buy a house from an area of my choice. This meant my transition from army life to civilian was already sorted.”
Visit our First Home Fund page for more information.