In order to take advantage of this newly-launched scheme, you will need to provide a minimum deposit of 5% of the purchase price of your chosen home (subject to individual lender requirements). The Scottish Government will provide funds of up to 49% (maximum £25,000) of the property price in a shared equity purchase, and your mortgage must be at least 25% of the purchase price.
Rest assured that, although the Scottish Government will have an equity share in your home, you will own it outright and hold the full title – you will not be asked to pay any monthly payments to the Scottish Government and no interest will be charged on their share.
You will normally repay the Scottish Government’s percentage equity share when you sell your home, however you can choose to pay this off earlier.

How do I apply?

• Speak to an Independent Financial Advisor (IFA) or Mortgage advisor
• Choose a solicitor, who will advise you about all the necessary documentation, provide their guidance and act on your behalf in the legal contract you’re making with us.
• Reserve your chosen Mactaggart & Mickel home
• Complete the First Home Fund application form at https://linkhousing.org.uk/firsthomefund.
• Once you have paid your application fee and your application has been accepted, you can then apply for your mortgage and make arrangements (through your solicitor and Sales Consultant) to conclude your missives of sale and secure your date of entry.


EXAMPLE
The Drew 2-bedroom end terraced home at Stewart Gardens, Newton Mearns

Purchase price £229,995
Your 5% deposit £11,500
Scottish Government’s contribution £25,000
Scottish Government’s Equity share 11%
Your mortgage £193,495

For more information about the process and how you could soon be on your way to first-home ownership, visit https://www.gov.scot/policies/homeowners/first-home-fund/

Please note that lenders will have their own individual requirements when providing a mortgage. Your lender or a mortgage advisor will be able to fully explain these requirements to you. The First Home Fund scheme is not open to cash buyers or previous home owners. Your mortgage must be for at least 25% of the purchase price.
The First Home Fund is not available in conjunction with Help to Buy (Scotland), however you are able to use a Help to Buy: ISA or Lifetime ISA to go towards your deposit.