The Scottish Government’s administrators of the First Home Fund have announced the £200 million allocation for 2020/21 is almost spent, with final applications being accepted until 6pm on Friday 2nd October for property purchases due to complete before 31st March 2021.
The good news is that the fund will reopen early in 2021 for applications due to complete after 1st April.
The First Home Fund is a ‘shared equity’ scheme to provide first-time buyers with up to £25,000 to help buy a property that meets their needs and is located in the area they want to live. Unlike ‘Help To Buy’ the scheme can be used for both new-build and existing property purchases.
Wallace Quinn are accredited solicitors to all of the Scottish Government Property Purchase assistance schemes. You can read more about the First Home Fund on our website here. While the ‘First Home Fund’ closes temporarily, there is still shared equity funding available to purchasers through Help To Buy (Scotland) and the Low-cost Initiative for First Time Buyers (LIFT).
If you are thinking about applying to the First Home Fund, your application will be processed if it is received by the deadline. Once an application to the First Home Fund has been submitted, missives must be concluded within three months and the purchase must be completed within six months.
If you are intending to apply to the First Home Fund but have not yet done so, please discuss this with us urgently.