The First Home Fund, which is a shared equity scheme to provide first time buyers with up to £25,000 to help purchase a property, will re-open at 9 am on 1st April for applications. It will be open to all first time buyers and is available for both new builds and existing properties.
The scheme was initially launched in December 2019 and has already helped buyers gain a step on the property ladder with a total of £260 million spent by the Scottish Government.
A total of £60 million has been allocated for the 2021-22 First Home Fund where it has recently been announced that there will be no deadline to get applications in as once the fund budget has been allocated, no further applications will be processed and no notice will be provided in advance of the fund closure.
First time buyers interested in applying for the fund will have to move quickly to ensure a successful application before the funding is exhausted. HSPC are on hand to answer your questions where you can speak to our Mortgage Consultant, Norman Fell, to discuss your application. Call us on 01463 231173 or email [email protected] to arrange an appointment.
We’re also happy to help with other first time buyer funds such as LIFT and Help to Buy so call, email or even pop us a message on social media.
Below are some helpful questions and answers for the fund re-opening:
Can applications for the First Home Fund 2021-22 be submitted before the fund re-opens?
No. Applications can only be submitted from 9am on 1st April.
I have been approved funding from the First Home Fund but have decided to buy a different property, will my application still be valid?
You will have to re-apply to the First Home Fund if the property you intend to buy has changed. The only exception is for plots within the same development and builder and has the same value.
Will there be changes to First Home Fund criteria for 2021-22 applications?
No changes will be made.
Can I apply to the First Home Fund after conclusion of missives?
This is not permitted except where there are exceptional circumstances.
What if conclusion of missives is delayed for my 2021-22 application?
Applicants are given longer than 3 months to conclude missives, provided the transaction concludes within the normal 9 month validity period or by 31 March 2022, whichever is earlier.