Are you looking to buy your first home in Scotland? If so, the First Homes Fund could contribute up to £10,000 towards the cost.
What is The First Homes Fund?
The First Homes Fund is a Scottish Government initiative designed to help first-time buyers overcome the barrier of saving for a deposit. It offers prospective buyers up to £10,000 to buy a home with a purchase price of up to £300,000.
In return, The Scottish Government will hold a percentage stake of the property based on its contribution.
Who qualifies for the scheme?
The fund will be open to all prospective first-time buyers – anyone who does not currently own, and has not previously owned, a property.
When does the First Homes Fund open?
The first set of applications is set to open by the end of June, 2026. The initial phase is expected to support 2,000 households within the first 100 days, with a target of 50,000 first-time buyers.
How do you apply?
To apply for the First Time Fund, you need a capital repayment mortgage covering at least 25% of the buying price or valuation if lower. You may also need a deposit, usually around 5%. Applications are made online after you have had your offer accepted on a property or you have reserved a new build, before your solicitor concludes missives.
What Next?
For more information, visit the Scottish Government website on First Homes Fund – mygov.scot
