The Scottish Government’s First Home Fund has opened to support people who are wanting to purchase their first house.

Maree Todd, Highlands and Islands SNP MSP has welcomed the new fund. She said:

“Too often, this leaves young people and families stuck in the rental market or facing the difficult decision of leaving their communities in search of more affordable housing options.

“The First Homes Fund is a meaningful intervention that can help tackle these barriers, support people out of the rent trap and onto the property ladder.

“In the Highlands & Islands, where depopulation remains a serious challenge, this fund is particularly important as it will help more young people and families to put down roots, strengthening communities and supporting local public services and businesses.

“The SNP committed to delivering the First Homes Fund within the first 100 days of government, and we are making good on that promise.

“I would encourage anyone who is hoping to buy their first home to look at the eligibility criteria and consider applying to the fund.”

The first phase of the shared-equity scheme offers first-time buyers a £10,000 contribution towards a deposit. Over the course of this Parliament it is expected around 50,000 households will benefit from the £500 million scheme.

The deposit contribution can made used to buy any property with a value of up to £300,000.

Click on this link for more information about The First Homes Fund  – a shared-equity scheme. A first-time buyer is anyone who does not own, or has not previously owned, a property in Scotland or anywhere else in the world.

Even though the Scottish Government will own a share of your home, you’ll still be responsible for paying your:

• mortgage
• buildings insurance
• home contents insurance
• repairs and maintenance
• Council Tax
• heating, lighting and water bills
• fittings and furniture

The fund will be managed through ‘Homes for Scotland’.

Homes for Scotland (HFS) Chief Executive Jane Wood said:

“Reintroducing the First Home Fund was a key HFS ask ahead of the election, so we welcome this important step from the Scottish Government. Supporting First Time Buyers is essential, not only in helping to address Scotland’s existing housing need, with 693,000 households affected, but also in stimulating wider socio-economic growth across the country by unlocking investment confidence across the sector, particularly in areas where development viability can be more marginal and help increasing delivery of housing of all tenures where it is needed most.

“HFS is ready to help support the efficient delivery of the Fund so that all stakeholders, particularly those young people buying their first home, are ready and prepared for the launch of the scheme.”