First Homes Fund: Information for Lenders and Independent Financial Advisers

Who can apply to the scheme?

The scheme is open to first-time buyers in Scotland who are taking out a mortgage. Unlike other Scottish Government shared equity schemes the scheme applies to both existing and to new build properties. Applicants do not need to demonstrate that they require support in order to afford the purchase, however they will need to demonstrate to the Administering Agent as part of their application that their mortgage and debt repayments will not exceed 45% of their net disposable income.

For the purpose of this scheme, a first-time buyer is a person who does not own nor has previously owned a dwelling in Scotland, the rest of the UK or the rest of the world, at any time. This includes both sole and joint ownership. All forms of ownership in the applicable legal system which are equivalent to ownership in Scotland are treated as ownership for this purpose.