15 February 2021
Are you or someone you know trying to get a foot on the property ladder? If so, you’ll want to read on as we explore the First Home Fund (FHF), an initiative run by the Scottish Government. We’re going to break it down for you in this article today, and if you’d like more information on applying for this fund, please feel free to contact our dedicated mortgage team who will be able to help.
The FHF offers first-time buyers an opportunity to buy a property by offering up to £25,000 towards the cost of your chosen home in your desired location. Whether you’re looking to buy an existing property or you’re opting for a new build, you’ll be eligible to apply for this fund. The FHF means that if you take advantage of this scheme, you’ll enter into a shared equity agreement with the Scottish Government - don’t worry though, we can explain exactly what this means before you apply. Just ask one of our mortgage team, that’s what we’re here for! It’s also worth noting you’ll need to make sure that you conclude on your property anytime between the 1 st April 2021 through to the 31st March 2022.
As the name suggests, first-time buyers are the intended recipients for this scheme. So, whether you’re looking to move out of your parents’ home or you’re looking to make the switch from renting to buying, the FHF could be what you’ve been looking for. Interestingly, the FHF is open to all first-time buyers, even those purchasing as part of a couple where one half of the couple isn’t classed as a first-time buyer. It goes without saying that this particular criterion therefore makes this scheme extremely attractive to a whole host of homebuyers.
Applications for the next round will open on the 1 st April 2021. We can fill out the application form for you in tandem with a mortgage application or assist you when it comes to any questions you may have throughout the process.
Then you’ve come to the right place! Our friendly team are experts in the field, meaning you can trust us when it comes to applying for the FHF scheme. If you’d like to speak to us, please feel to get in touch. With applications opening on the 1st April 2021, make sure you’ve got everything you’ll need in place as soon as you can. Don’t forget to follow us over on Facebook too – it’s where we post about recent mortgage and protection news we think you’ll find useful. We look forward to hearing from you!