First Homes Fund: how to apply

First Homes Fund: overview

Key facts

• up to £10,000 towards your first home
• for first-time buyers in Scotland
• property value up to £300,000
• Scottish Government takes a percentage stake
• apply after your offer is accepted

The First Homes Fund is a Scottish Government scheme that helps first-time buyers in Scotland buy a home. You can get up to £10,000 towards the cost of a property worth up to £300,000.

In return, we take a percentage stake in your property based on our contribution. You do not pay interest or monthly payments on this stake. You pay it back as a percentage of your property's value when you sell, or you can buy out our stake earlier if you choose.

You own your home outright, and are responsible for all maintenance, insurance, repairs, and running costs. 

To apply for the First Homes Fund, you need a capital repayment mortgage covering at least 25% of the buying price or valuation if lower. You will typically also need a deposit of around 5% in addition to the First Homes Fund contribution.

You apply online after you have had your offer accepted on a property, or after you have reserved a new build, and before your solicitor concludes missives.  An independent financial adviser or mortgage adviser can apply on your behalf.