ARE YOU A FIRST TIME BUYER? THE FIRST TIME FUND CAN HELP YOU BUY YOUR NEW LOCHAY HOME!
FIRST HOME FUND
Are you a First Time Buyer? The First Time Fund can help you buy your new Lochay Home…
The Scottish Government has made £150m available for first time buyers. The First Home Fund offers you an interest-free equity loan of up to £25,000 and all you need is a 5% deposit.
First Home Fund
- This a brand new scheme
- It’s for Scottish first time buyers only
- Up to £25,000 equity loan is available
- No restrictions on money-saving offers
- No interest on the shared equity loan
- No price cap on the purchase price*
- Only 5% deposit needed.
FOR FULL INFORMATION AND T&CS ON THIS SCHEME HEAD TO THE SCOTTISH GOVERNMENT’S DEDICATED FIRST HOME FUND PAGE…
How do I apply?
It’s easy. Just speak to Romy our sales advisor and she will use her expertise and contacts to guide you every step of the way. Call 01259 410810 today or click the following link to email directly…
FAQ’s about the First Home Fund
1) WHERE IS THE SCHEME AVAILABLE?
First Home Fund is available across all Lochay Homes developments in Scotland on homes up to £250,000 (although some lenders may support more).
2) CAN YOU CLARIFY THE FIRST HOME FUND EQUITY LOAN ELEMENT?
The Scottish Government’s maximum contribution is £25,000 or 49% of the property valuation (whichever is the lower).
This loan is interest-free for the term of the loan.
3) WHAT ARE THE REPAYMENT TERMS OF THE FIRST HOME FUND EQUITY LOAN?
You can repay the loan when you sell the property, or earlier if agreed.
4) IS FIRST HOME FUND AVAILABLE ON PRE-OWNED HOMES?
Yes. The First Home Fund scheme is available on new-build homes and second-hand properties.
5) CAN I USE THE FIRST HOME FUND SCHEME IF I ALREADY OWN A HOME?
No. The First Home Fund scheme is only available to first-time buyers.
6) IS THE FIRST HOME FUND SCHEME AVAILABLE FOR BUY-TO-LET PURCHASES?
No. The First Home Fund scheme is only available to purchasers using the property as their main residence.
7) WHAT TYPES OF MORTGAGE ARE AVAILABLE WITH FIRST HOME FUND?
Repayment mortgages are the only option with this scheme.
8) WHERE CAN I GET FINANCIAL ADVICE FROM?
We can put you in touch with a list of recommended independent financial advisers who can assist you every step of the way.
9) WHERE CAN I APPLY?
You can apply to the scheme by completing the online application form at Link Housing:
FIRST HOME FUND TERMS & CONDITIONS
*The First Home Fund scheme has specific terms and conditions and is subject to affordability criteria as defined by the Scottish Government. The scheme is available on all plots in Scotland, with a full purchase price up to £250,000 subject to status, terms and conditions apply. First Home Fund eligible applicants will be offered an equity loan of up to a maximum of 25% of the purchase price. The registered provider will hold the second charge on the property. Applicants are required to fund up to 85% of the purchase price by means of a conventional mortgage, savings and any deposit where required. Applicants must obtain their conventional mortgage from a qualified lending institution taking part in the First Home Fund scheme (e.g. a bank or building society).
A professional legal adviser is required to carry out the legal formalities of buying the home and to represent your interests. Lochay Homes can provide you with a list of recommended solicitors and/or financial advisers as necessary. Lochay Homes cannot advise you on a mortgage. The First Home Fund scheme is subject to availability and may be withdrawn at any time without notice.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE, YOUR EQUITY LOAN OR OTHER DEBT SECURED ON IT.