The First Home Fund was introduced by the Scottish Government in December 2019 to help first time buyers onto the property ladder. The fund provides new buyers with up to £25,000 towards the purchase of their new home.
Due to increased uptake in recent weeks, first time buyers have until 6pm on Friday 2nd October to apply for the fund, which has already helped thousands with the purchase their first home.
However, due to the early success of the First Home Fund, the Scottish Government has announced that they intend to reopen applications in the new year for home purchases completing in 2021/22 – which is great news for those looking to buy their first home next year.
Housing Minister Kevin Stewart said: “The pilot of our First Home Fund has been a huge success, helping thousands of people own their first home.
“The fund has been especially important since property sales resumed over the summer, and we invested a further £50 million in July to help ensure that first-time buyers could still access the market despite changes to mortgages caused by the coronavirus (COVID-19) pandemic.
“While the scheme is almost fully subscribed for 2020-21, I am pleased to say that I will reopen the pilot for the next financial year, and look forward to announcing further details of this in due course.
“In the meantime, first-time buyers will still be able to access shared equity schemes including Help to Buy (Scotland) and LIFT (the Low-cost Initiative for First Time Buyers), and I would encourage them to consider these options.”
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