Before you apply for the First Homes Fund

You should speak to an Independent Financial Adviser (IFA) to help you decide if the First Homes Fund is right for you. There are other schemes that help you buy a home. An IFA can help choose the best option for you.

What the fund can be used for

The First Homes Fund is open to all first-time buyers in Scotland. There are no restrictions on the:

• age of the property
• location of the property

You can use the fund to purchase a property with a home report value of up to £300,000.

There is a limit of one application per property. You can make a joint application but only one award of up to £10,000 can be made.

You must have a mortgage that covers at least 25% of the purchase price of your property. The mortgage needs to be capital repayment and not interest-only.

Mortgage lenders

The mortgage lenders currently offering mortgages through the First Homes Fund are:

• Bank of Scotland
• Glasgow Credit Union
• Halifax
• Leeds Building Society
• Lloyds Bank
• NatWest
• Scottish Building Society

What the fund cannot be used for

The fund cannot be used for buy-to-let properties. It must be the sole residence of all applicants.

The First Homes Fund cannot be used together with other schemes that help you buy a home. You can use a Help to Buy ISA or Lifetime ISA to help with your deposit.

When to apply

You need to have had an offer accepted on a property before you can apply for the First Homes Fund. This can be a verbal agreement – you do not need written confirmation of your offer being accepted.

You cannot apply if you've 'concluded missives' and agreed a moving-in date for your home.