How the First Homes Fund works
You can get up to £10,000 to help you buy your first home through the First Homes Fund. The money comes from the Scottish Government which means they'll own a share of your home.
For example, if you buy a property for £100,000 and get £10,000 from the First Homes Fund, the Scottish Government will own 10% of it.
You'll still own the property and have complete title and deeds to your home. However, you'll need to have a mortgage on the property to make sure the Scottish Government's share is protected.
Your responsibilities
Even though the Scottish Government will own a share of your home, you'll still be responsible for paying your:
- mortgage
- buildings insurance
- home contents insurance
- repairs and maintenance
- Council Tax
- heating, lighting and water bills
- fittings and furniture