NEW Equity Share Loan Scheme
We're pleased to let you know that we're able to accept applications for the first time buyer equity share loan scheme, 'First Home Fund Scotland' which launched today - helping your clients with a smaller deposit to get on the property ladder.
Here's what you need to know...
- The scheme is open to first time buyers in Scotland who are applying for a mortgage on an existing or new build property
- The maximum contribution from the Scottish Government is £25,000 or 49% of the property valuation or purchase price, whichever is lower
- The equity loan is interest free, and must be repaid on the sale of the property
- A minimum deposit of 5% of the purchase price is required
- For a joint mortgage application, only one applicant needs to be a first time buyer to qualify for the scheme
- Applications should be keyed in the same way as Help to Buy: Scotland applications, including using the Help to Buy scheme code in NFI Online