First Homes Fund: how to apply

Overview

The First Homes Fund offers first-time buyers up to £10,000 to buy a home with a purchase price of up to £300,000.

In return, we hold a percentage stake of your property based on our contribution. There are no monthly payments or interest on our 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. You are responsible for all maintenance, insurance, repairs, and running costs. 

To apply, you need a capital repayment mortgage covering at least 25% of the buying price or valuation if lower. You may also need a deposit, usually around 5%. 

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