First Homes Fund: Information for Lenders and Independent Financial Advisers

Repossessions

If a home purchased through the scheme is to be repossessed it is expected that lenders will notify the Scottish Government of the intention to start the repossession process (calling up notice), as well as the relevant scheme administering agent. Lenders are reminded of the provisions of the Ranking Agreement which each Lender enters into and are encouraged to ask their legal advisors to refer to the same when any repossession process commences.

More information on repaying equity, remortgages and repossessions can be found in the After Sales Shared Equity Procedures here.