Applications are now open for a new national pilot scheme helping first-time buyers with the deposit for a new home.
The Scottish Building Society has signed up to the Scottish government’s First Home Fund.
The fund will run until March 2021 and provide a total of £150m in deposits. The aim is to help at least 6,000 people buy their first home.
Paul Denton, chief executive officer of Scottish Building Society, said: “We are delighted and proud to be one of the first lenders to offer this new scheme.
“This new funding scheme offers a greater degree of flexibility to first time buyers and allows them to benefit from the lower interest rates available on lower ‘loan to value’ mortgages.
"Compared to other funding schemes, there are no limits on the property value and the government contribution could be as high as 49% allowing for more people to purchase their first home.”
First Minister Nicola Sturgeon said of the scheme: “For many people, getting a deposit together is often an obstacle in buying their first home.
"Removing barriers and supporting people to buy the home they want is at the heart of this new fund.
"That is why we are acting to make the process fairer, to offer a helping hand to those buying a new home.
“The First Home Fund will provide first-time buyers with up to £25,000 towards the cost of buying a home that meets their needs and is located in the area where they want to live.
“Since 2007, the Scottish government has provided more than £1.2bn in shared equity schemes, which have helped tens of thousands of people into home ownership, particularly those aged under-35 and this new scheme adds to the support we are providing.”
Existing home ownership schemes have helped more than 32,000 households in Scotland buy their own home since 2007, particularly those aged under-35.
