First Homes Fund: Information for Lenders and Independent Financial Advisers

Yes

TBC

Variable depending on location and size of property

£300k

Open market

New build and existing properties

10-40%

Up to £10k or 49% of the property value (or purchase price, if lower)

No minimum – expected to contribute maximum they can afford

25%

Decision of lenders

None required by SG but subject to lender requirements. Any amount over valuation must be in cash.

First time buyers and priority access groups only

Open to first time buyers only

Link Homes

Link Shared Equity for initial period. Full tender process to be carried out

Owner holds full title and is responsible for all associated costs

Owner holds full title and is responsible for all associated costs

Minimum of 5% at a time, if remaining equity stake is over 90% must increase to 100%

Minimum of 5% at a time, if remaining equity stake is over 90% must increase to 100%

Only with SG permission but SG benefits from any increase in value

Only with SG permission but SG benefits from any increase in value.

No fee

Admin Fee £650

Approve application then property approved then they can make an offer on a property. If their offer is accepted solicitor sends in documents.

Offer accepted on a property or reserve with builder then apply. There is no restriction on builder incentives, but part exchange is not allowed, although assisted purchase is permitted.