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First Home Fund Explained

A guide to Scotland's First Home Fund For First Time Buyers

Buy your first home with an interest free equity loan up to £25,000 – you just need 5% mortgage deposit!

What is the First Home Fund?

The First Home Fund is a scheme launched by the Scottish Government in December 2019 to help first time buyers purchase a property in Scotland. The scheme has now closed to new applicants in 2020. The First Home Fund will re-open for new applications due to complete from 1 April 2021 to 31 March 2022 in the new year. Further details will be announced.

How does the First Home Fund work?

  • You require to provide a minimum mortgage deposit of around 5% (subject to individual lender requirements)
  • Your mortgage must be at least 25% of the purchase price of the property.
  • Although the Scottish Government will have an equity share in the property, you will own the property outright.
  • There are no monthly payments or interest payments to the Scottish Government for their contribution and you will pay back the equity share when you sell the property - or you can choose to increase your equity share over time.
  • You must be a first time buyer who does not own, or has not previously owned, a property in the UK or abroad, either as a sole or joint owner. If you are applying for a joint mortgage only one applicant needs to be a first time buyer to qualify.
  • You cannot apply to other Scottish Government shared equity schemes such as Help to Buy (Scotland) while also applying for this scheme.

How do I apply?

Tulloch Homes works with a number of independent mortgage brokers who can provide further information on the First Home Fund process. Please note, Tulloch Homes does not recommend or endorse any particular mortgage broker or lender.

Please ask for details from your Tulloch Homes sales consultant. See our homes for sale here or contact us.


Head Office: 01463 229300

Terms and conditions apply. Click here for more information about the scheme.

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