Could You Receive Up to £10,000 Towards Your First Home?
Buying your first home is one of life’s biggest milestones, but saving a deposit and finding the extra funds needed to secure a property can often feel like the biggest hurdle.
The Scottish Government First Homes Fund has been introduced to help eligible first-time buyers purchase their first home, providing up to £10,000 towards the purchase of a property.
Available on homes with a purchase price of up to £300,000 (subject to eligibility criteria), the scheme could make buying your first home more achievable.
If you’re considering buying your first home in the Scottish Borders, the First Homes Fund could help make your move more achievable. Our experienced property team is here to guide you through the buying process and, where appropriate, introduce you to trusted independent mortgage adviser Kris Graham at McGill Mortgages to discuss your eligibility.
What is the First Homes Fund?
The First Homes Fund is a Scottish Government shared equity scheme designed to help eligible first-time buyers purchase a home in Scotland.
Rather than being a grant, the Scottish Government contributes up to £10,000 towards your purchase in return for a percentage share of your property’s value.
There are no monthly repayments or interest charges on this contribution. The Government’s share is normally repaid when you sell your property, or sooner if you choose to buy out its share.
To qualify, buyers must meet the scheme’s eligibility requirements, including purchasing a property valued at up to £300,000 and taking out a qualifying repayment mortgage.
Who Can Apply?
The First Homes Fund is designed for eligible first-time buyers purchasing a home in Scotland. As with all Scottish Government schemes, there are specific eligibility criteria that must be met before an application can be approved.
Eligibility depends on your personal circumstances, the property you’re buying and the mortgage arrangements in place. Applications are made after an offer has been accepted and before your purchase is completed.
If you’re unsure whether you qualify, we recommend speaking with Kris Graham at McGill Mortgages, who can provide independent mortgage advice and explain whether the scheme is suitable for your circumstances.
How Could the First Homes Fund Help?
Every buyer’s circumstances are different, but the First Homes Fund may help by:
- Contributing up to £10,000 towards your purchase.
- Making home ownership more affordable.
- Helping buyers with a smaller deposit.
- Giving you greater flexibility when purchasing your first home.
- Potentially helping buyers who need additional funds when offering above the Home Report valuation, where appropriate for their individual circumstances.
From Our Property Team
Donna Yeaman, Senior Negotiator at Hastings Legal & Property, regularly works with first-time buyers across the Scottish Borders and understands the challenges they face when purchasing their first home.
“The Scottish First Homes Fund is a fantastic opportunity for first-time buyers, helping make home ownership more affordable and achievable. It’s very rewarding to see buyers take that first step onto the property ladder and this scheme can make that journey a little easier. It can also help buyers with a smaller deposit, giving them more flexibility and a stronger position when making an offer, even on properties selling above the Home Report valuation.”
Donna Yeaman, Senior Negotiator at Hastings Legal
Looking for Your First Home?
Whether you’re searching for your first apartment, a cottage in the countryside or a family home in the Scottish Borders, our experienced team can help you find a property that’s right for you.
As both estate agents and solicitors, we can guide you through every stage of the buying process—from arranging viewings and making an offer through to completing the legal work and collecting the keys.
You can also visit our Buyers Guide for more information on purchasing a property in Scotland and what to expect throughout the buying process.
Browse our latest properties for sale to see what’s currently available across the Scottish Borders.
Independent Mortgage Advice
While our team is happy to explain the buying process and help you find the right property, Hastings Legal & Property is not authorised to provide mortgage or financial advice.
If you’d like to find out whether you qualify for the Scottish Government First Homes Fund, or discuss the mortgage options available to you, we recommend speaking with Kris Graham at McGill Mortgages, who can provide independent advice based on your personal circumstances.
Ready to Take the First Step?
If you’re thinking about buying your first home, we’d love to help.
Whether you’re ready to start viewing properties or simply have questions about the buying process, our friendly team is here to help.
Browse our latest properties | Contact Hastings Legal & Property
Disclaimer
The Scottish Government First Homes Fund is subject to eligibility criteria, funding availability and the scheme rules in force at the time of application. Hastings Legal & Property does not provide mortgage or financial advice. Independent advice should always be obtained before making financial decisions.
