New First Home Fund set to help Scots get on the property ladder this April
From April 1, first-time buyers in Scotland will once again have the opportunity to secure a home of their own with as little as a five per cent deposit, following the reintroduction of the Scottish Government’s First Home Fund.
The helpful scheme, which has seen investment from the Scottish Government of £200 million, aims to assist over 8000 first-time buyers when purchasing their first home; either new homes or existing properties. Buyers will be able to secure a loan worth £25,000 – or up to 49% of the property value – which ever figure is lower.
The First Home Fund was tested and evaluated between December 2019 and October 2020, and due to its success it is being re-opened on April 1 for purchases completing in financial year 2021-22.
Leading independent housebuilder Dandara (East Scotland) is fully registered with the First Home Fund and is looking forward to the launch of the tried and tested scheme. With properties available in popular locations such as Edinburgh, North Berwick, Aberdeen, Eskbank and across the Lothians, they are already receiving many enquiries and expect it to be popular.
Iain Innes, managing director at Dandara East Scotland, said: “The First Home Fund will act as a lifeline for first time buyers in Scotland as they look to find a more affordable way onto the property ladder. It’s a really great scheme and one we can see is already going to do well at our new homes developments throughout Scotland. We actually already have first time buyers lined up and ready to make the most of this funding - and some will be ready for purchase on April 1.
“We would encourage first-time buyers looking to take advantage of the First Home Fund to start doing their research straight away. Given this opportunity of financial support to get on the property ladder, the scheme is undoubtedly going to appeal and first-time buyers in Scotland won’t want to miss out.”
For more information about the First Home Fund, or any of Dandara’s properties throughout Scotland, including developments at Midlothian, Dalkeith and Bridge of Don, visit www.dandara.com.