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First Home Fund to Re-open After Pilot Success

The Scottish Government intends to reopen the First Home Fund after the pilot scheme helped thousands to enter the housing market in 2020.

It will be open to all first-time buyers in Scotland and can be used for new build and existing properties. The fund offers first-time buyers of loans up to £25,000 for their deposit.

Housing Minister Kevin Stewart said: “The pilot of our First Home Fund has been a huge success, helping thousands of people own their first home”.

Buyers are required to fund around 5% of the value of their new property from their own funds as a deposit. The Scottish Government contribution is secured on the equity of the home, is repayable in full at any time, and must be repaid if the home is sold. No monthly payments apply.

For more information on how this fund could assist you in your property purchase, please contact your IFA or call June on 01505 613799 / email: jmackenzie@kingsleywood.co.uk