Scottish Government First Home Fund

In the aftermath of the Covid19 pandemic, it’s become harder than ever to secure a mortgage with a low deposit. Most lenders are now looking for buyers to put down a minimum 10% deposit, scuppering the plans of many first time buyers dreaming of moving home sooner rather than later. But help could be available in the form of the Scottish Government First Home Fund.First Home Fund This scheme is available to first time buyers whether they are looking to buy a new or existing property, so it could make the difference between moving home now and taking advantage of the recent Stamp Duty cuts or having to hold off for another year whilst you build your savings.


For full information on the scheme you can check out all the details at


Key things to note from this are:

You can borrow up to £25,000 through this scheme

You must still provide a 5% deposit from your own resources (i.e. savings, gift etc)

Most lenders cap the property value at £250,000 if you wish to use this scheme as part of your deposit

The amount borrowed is converted to a percentage of your purchase price and the same percentage of your sale price (not amount) is repaid when you sell your home

This is available to you whether you buy a new or existing property

There is an application fee of £550 paid to the Government when accepted on the scheme

You cannot apply for this fund until you have reserved a plot or had an offer accepted on a home

You must complete your sale within 3 months of being approved on this scheme

For more information on how the Scottish Government First Home Fund could help you buy your first home, get in touch with Millerson Mortgages on *0330 159 5292 .

Your property may be repossessed if you do not keep up repayments on your mortgage.