Scottish First Home Fund extended by £50m for first time buyers in Scotland
Story Homes welcomes the Scottish Government’s extension to the First Home Fund, which has been extended by £50 million and will run until 31 March 2021. This takes the First Home Fund pot from £150 million to £200 million.
The housebuilder has hailed the pledge as a hugely welcome step to help first time buyers in Scotland and the sector’s recovery.
First Home Fund was introduced in December 2019 and is aimed at helping first-time buyers onto the property ladder, with an interest free equity loan of up to £25,000, whilst the customer provides a minimum deposit of just 5%.
The scheme is available to customers who purchase their first property at Story Homes’ two Scottish-based developments – Summerpark in Dumfries and Pentland Reach in Biggar – between now and March 2021. Here’s a little more information about First Home Fund*:
Although the Scottish Government will have an equity share in the property, the buyer will own the home outright. There are no monthly payments to be made towards the Scottish Government and no interest will be charged.
Hayley Blair, Sales Director at Story Homes, said: “Thanks to the extension of this scheme, first-time buyers only need to provide a deposit of 5% to secure their property. This could save them a significant amount of money which they could, for example, use to furnish and decorate their new dream home. Following in the footsteps of the ever-popular Help to Buy scheme, we anticipate that we will continue to receive high levels of interest in First Home Fund.”
For more information about this new purchasing scheme visit storyhomes.co.uk/buying-from-story/ways-to-buy/ or contact our Sales Executives:
*You cannot apply to other Scottish Government shared equity schemes (e.g. Help to Buy (Scotland) Affordable New Build, Help to Buy (Scotland) Smaller Developer, New Supply Shared Equity or Open Market Shared Equity) while also applying to this scheme. If you have an open application to any other shared equity scheme in Scotland you must withdraw this before you apply to this scheme. However, you are able to use a Help to Buy ISA or Lifetime ISA as part of your deposit.An administrative fee of £550 is payable directly to the Scottish Government. However, this will be refunded if the application is unsuccessful.