Friday, May 20, 2022

Government relaunches scheme for Scottish first-time buyers


The scheme is open to all first-time buyers in Scotland and can be used to help buy both new build and existing properties

First-time buyers in Scotland are being given a helping hand onto the property ladder with the relaunch of a government scheme.

The First Home Fund is a shared equity scheme which first launched in December 2019 and gives buyers up to £25,000 towards the cost of buying a property .

A total of £60 million funding will be made available between now and March 2022, which the Scottish Government says will help around 12,000 first-time buyers purchase a home.

The scheme is open to all first-time buyers in Scotland and can be used to help buy both new build and existing properties.

The fund will close to new applications when the 2021/22 £60m budget has been used up.

Advice on GOV.UK states: No notice will be provided in advance of closure. Any applications received after the budget has been exhausted will not be processed.

Leading independent housebuilder Dandara is fully registered with the First Home Fund and is looking forward to the relaunch of the scheme as it has already received many enquiries at about properties in locations including Aberdeen, Edinburgh, North Berwick, Eskbank and The Lothians.

Commenting on the relaunch, Iain Innes, Managing Director at Dandara East Scotland said: The First Home Fund will act as a lifeline for first-time buyers in Scotland as they look to find a more affordable way onto the property ladder. It’s a really great scheme and one we can see is already going to do well at our new homes developments throughout Scotland.

Innes said: We would encourage first-time buyers looking to take advantage of the First Home Fund to start doing their research straight away. Given this opportunity of financial support to get on the property ladder, the scheme is undoubtedly going to appeal and first-time buyers in Scotland won’t want to miss out.


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