The First Home Fund is closed – find out about other schemes to help you buy your first home
The First Home Fund is closed – find out about other schemes to help you buy your first home
The First Home Fund closed to new applications in April 2021 after the allocated funds reached capacity in just a few days. With no current plans to reopen the First Home Fund for 2022/2023, many first-time buyers may be wondering how they will be able to buy their first home.
Whilst it can seem overwhelming to begin your journey to buying your first home, especially without the First Home Fund being available, there are other schemes and services in place designed to help you get started!
95% Mortgage Guarantee Scheme
One scheme designed to support first-time buyers is the 95% mortgage guarantee scheme. Did you know that this scheme allows buyers to purchase a home with just a 5% deposit, allowing the property market to become accessible – especially for first-time buyers?
We’ve broken down everything we know about the 95% mortgage guarantee scheme and how it works. You can find out about the 95% mortgage guarantee scheme for first-time buyers here.
Lifetime ISA for first-time buyers
There is a Government saving scheme called a Lifetime ISA, where you can benefit from a 25% tax-free bonus from the Government. This is a great option for saving your deposit, as the money can only be spent on a first home or retirement – meaning your funds for your potential first home are secure!
Find out more about the details of the Lifetime ISA for first-time buyers here.
LIFT Open Market Shared Equity scheme
Through the Scottish Government's Low-Cost Initiative for First Time Buyers (LIFT), applicants can receive up to 40% funding towards the price of a home on the open market. Link Housing administers the LIFT Open Market Shared Equity scheme on behalf of the Scottish Government throughout Scotland.
Read more about the LIFT Housing scheme.
Free first-time buyer advice from ESPC
We believe everyone has the right to free impartial advice when buying their first home, and at ESPC, we offer a huge variety of ways for you to access help and advice as a first-time buyer.
You can give us a call, drop in to our free advice sessions with property experts, browse our informative articles and Useful Info guides, or even sign up to one of our virtual property events. We're a friendly face to help you on your first-time buyer journey, and all property questions are welcome!
First-time buyer mortgage advice
ESPC Mortgages provide specialist first-time buyers mortgage advice, making them the ideal partner in your first home search! They specialise in helping first-time buyers across Scotland to secure their first mortgage, so are perfectly placed to offer independent mortgage advice tailored to your individual needs.
My ESPC
To help navigate your property search, we also recommend checking out My ESPC. This feature allows you to receive tailored alerts for your preferred properties, and you can filter by property size, type and location - even down to a particular street. Signing up only takes a couple of minutes and we guarantee it’ll make your property search easier.
Find out all the information you need on our free advice services for first-time buyers.
The information contained in this article is provided in good faith. Whilst every care has been taken in the preparation of the information, no responsibility is accepted for any errors which, despite our precautions, it may contain. No individual mortgage advice is given, nor intended to be given in this article.
The initial consultation with an adviser is free and without obligation. Thereafter, ESPC Mortgages charges for mortgage advice are usually £350 (£295 for first time buyers). YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOANS SECURED AGAINST IT.
ESPC (UK) Ltd is an Appointed Representative of Lyncombe Consultants Ltd which is authorised and regulated by the Financial Conduct Authority.
