First Homes

First Home Fund

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First Home Scheme

What is the first homes scheme?

The Scottish Government launched a new shared equity scheme called First Home Fund on 18 December 2019.

This scheme is available for first time buyers buying an existing or new build property in Scotland The Scottish Government will provide a maximum equity loan of £25,000.

This differs from the maximum 15% provided through the Help to Buy equity loan scheme (new build only) This does not replace the current Help to Buy: equity loan scheme which will also remain available for qualifying buyers of new build Talk to us today on 01786 451234.

How does the First Homes scheme work?

Housebuilders are building new homes specifically for this scheme, which will be built to the same specification and standard of their other new-build properties.

These homes will then be sold at a discount of at least 30% to the market price. However in areas where property prices are high local councils can increase this discount by up to another 20%. The discount therefore could be as high as 50% of the selling price. These properties will only be available for purchase by first-time buyers.

Please note unfortunately if buying as a couple, neither party can have previously owned a property. All other aspects of the sale and purchase of these properties are dealt with in the normal way.

When the first-time buyer decides to sell their home, purchased using this First Home Scheme, the property will be independently valued and the relevant scheme discount be re-applied to the sale price for the next first-time buyer/owner. This is done to ensure properties will always be sold below the market value, and therefore benefit future generations of first-time buyers.

Who is eligible for the First Homes scheme?

To be eligible you must:
1. Be a first-time buyer
2. Need to buy within your local area.
3. You must intend to live in the property (i.e. it cannot be a buy-to-let or holiday home).

Whilst the scheme is open to people of every profession, the Government have indicated that there will be professions that take priority.
These include the armed forces (both serving and veterans) and key workers (nurses, firefighters, police, logistics and teachers). The government has also added some associated price and salary caps to ensure the scheme targets those most in need.

These include:

• Property prices caps – subject to a £250,000 price cap across England, after the discount. With a higher cap £420,000 will apply in London.
• Household income – combined income capped at £80,000 across England and in London at £90,000. However, for the first three months of the sale local planning authorities will be able to set lowercase.

There are a number of First Homes coming onto the market so keep your eyes peeled in your local area.

Our experienced team are here to help you make purchasing your new home a whole lot easier.

So contact us today and we'll start by matching you to your perfect first mortgage.

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