After you buy your home with the First Homes Fund
You can read the 'Shared Equity Schemes: post-sale information for buyers' document on gov.scot which explains the terms of the First Homes Fund.
Increasing your share of the property
You can choose to increase your share of the property (known as your 'equity') at any time while you own it. You'll need to get a home report valuation if you decide to increase your share.
You must increase your share by at least 5% each time. Once you own 90% or more of the property, you can only increase your share up to 100%.
If you increase your share to 100%, the Scottish Government will no longer have a share in your home and will not be due any money when you sell it.
Selling your home
If you decide to sell your home, the amount of money due to the Scottish Government will depend on:
- what price your home is sold for
- their share in your home
If the value of your home increases while you own it, the Scottish Government will get more than £10,000 back when you sell it.
For example, if the Scottish Government has a 20% share in your home and you sell it for £140,000, they'll get £28,000 from the sale. You'll get the remaining £112,000.
If the value of your home decreases while you own it, the Scottish Government will get less than £10,000 back when you sell it.
For example, if the Scottish Government has a 10% share in your home and you sell it for £95,000, they'll get £9,500 from the sale. You'll get the remaining £85,500.
Renting out your home
Your home is expected to be your only residence. The Scottish Government does not allow you to rent or sublet a home purchased through the First Homes Fund.