First Home Fund re-opens to applications today
The First Home Fund shared equity pilot scheme is launched again today to provide first-time buyers with up to £25,000 to help them buy a property that meets their needs and is located in the area where they want to live.
Launched in December 2019 with an initial budget of £150 million to pilot a new approach to supporting first-time buyers, it is open to all first-time buyers in Scotland and can be used for new build and existing properties.
With an available budget in 2021-22 of £60m, the funding provided by the scheme this time around will help around 12,000 first-time buyers purchase their first home.
Independent housebuilder Dandara (East Scotland), which has properties available in Aberdeen, Edinburgh, North Berwick, Eskbank and across The Lothians, is fully registered with the First Home Fund and is looking forward to the launch of the tried and tested scheme.
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. We actually already have first time buyers lined up and ready to make the most of this funding - and some will be ready for purchase on the 1st of April.
“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.”
With the re-opening of the First Home Fund in Scotland, CALA Homes (West) said it has developments across the West of Scotland which are ideal for first-time buyers looking to make a dream move.
Liana Canavan, sales and marketing director of CALA Homes (West), said: “The re-opening of the First Home Fund is a welcome initiative to give eligible first-time buyers the assistance they need to make their first steps onto the property ladder.
“A number of our developments across the West of Scotland are perfect for first-time buyers looking to purchase their first dream home, without compromising on space, specification and quality.
“Our mix of apartments and homes offer a range of options for first-time buyers across the spectrum – from those buying their first solo space and young professional couples just starting out, to those looking to set up their first family home with room to grow.
“With the days counting down to the re-opening of the First Home Fund, it’s the perfect time to get in touch with our sales consultants to find out more about making that dream first-time purchase a reality.”