First Home Fund

Applications are open for a new national pilot scheme helping first-time buyers with the deposit for a new home, which Glasgow Credit Union is participating in.

The Scottish Government’s First Home Fund will make the housing market fairer by providing a total of £150 million until March 2021 to help at least 6,000 people to buy their first home.

Existing homeownership schemes have helped more than 32,000 households in Scotland buy their own home since 2007, particularly those aged under 35.

First Minister Nicola Sturgeon said:

 “For many people, getting a deposit together is often an obstacle in buying their first home. Removing barriers and supporting people to buy the home they want is at the heart of this new fund. That is why we are acting to make the process fairer, to offer a helping hand to those buying a new home.

“The First Home Fund will provide first-time buyers with up to £25,000 towards the cost of buying a home that meets their needs and is located in the area where they want to live.

“Since 2007, the Scottish Government has provided more than £1.2 billion in shared equity schemes, which have helped tens of thousands of people into homeownership, particularly those aged under 35 and this new scheme adds to the support we are providing.”

The First Home Fund will run from 18 December 2019 until March 2021.

More information can be found on our website here: Shared Equity Mortgages