The First Home Fund is a Scottish Government scheme to help first-time buyers purchase a home in Scotland. It provides up to £10,000 as an equity loan or 49% of the purchase price (whichever is lower) towards the purchase of both newly built and existing properties in Scotland.
If you qualify for the scheme the Scottish Government will lend a percentage of the value of your first home to help you to get on the property ladder. This reduces the amount of deposit that you need to save, and it reduces your monthly mortgage repayments.
The scheme is open to all first-time buyers in Scotland who are taking out a mortgage. While the scheme is open to all first-time buyers there are a few requirements that you will need to be aware of:
There is a limit of one application per property. You can submit a joint application, however, you will be limited to one award of £10,000.
Your mortgage must be at least 25% of the purchase price.
Your mortgage must be capital repayment.
The property must be the sole residence of all applicants. The scheme is not available for buy-to-let properties.
You cannot apply to other Scottish Government shared equity schemes while also applying to this scheme. If you have an open application to any other shared equity scheme in Scotland you must withdraw this before you apply to this scheme. However you are able to use a Help to Buy: ISA or Lifetime ISA to go towards your deposit.
If you're not eligible for the First Homes Fund, there are other ways we could help you purchase your dream Cala home as a first-time buyer. Speak to us about a deposit contribution or other ways we can support you to buy your first home.
Find out more about our first-time buyer schemes below:
The First Homes Fund scheme is available on homes up to the value of £300,000. Explore our range of 2 & 3 bedroom homes below.
First Home Fund is available on all homes with a maximum value of £300,000. You will need a deposit of at least 5% of the value of your chosen home and you must plan to take out a mortgage of at least 25% of the purchase price.
The scheme is only available to first time buyers. We will put you in touch with an independent mortgage advisor to help you find out if you qualify and help you apply.
The Scottish Government could put up to £10,000 as an equity loan or 49% of the purchase price (whichever is lower).
The equity loan is interest free and can be repaid at any time. On sale of your home, you will need to pay back the percentage of equity still outstanding.
If you're not eligible for the First Homes Fund and you're a first-time buyer, Cala can still help.
Advice for first-time buyers on how the purchase process works, incentives you may be eligible for and what you can expect from your move.
Our handy homebuyer guides are filled with useful information to help you prepare for your first move.
There’s nothing quite like moving into a brand-new home. From newly installed kitchens and bathrooms to the peace of mind of knowing that your property is safe, energy efficient and low maintenance.
What’s more, you’re buying a complete blank canvas on which to stamp your own individual style. Take a look at our top reasons to buy a new home below.
Opting for a new build home means less maintenance and cost compared to older houses. Modern construction ensures durability, minimising the need for constant repairs. Enjoy a low-maintenance lifestyle and the peace of mind that your home is designed for longevity, freeing up your time and money for what matters most.
Purchase your home from a plan and tailor it to your own individual taste. Choose from a range of high-quality kitchens and bathrooms, with customisable styles, colors, and finishes that reflect your personal preferences.
Your new home is covered by an NHBC or similar industry-regulated insurance scheme covering the structural integrity of your new home from years three to 10.
The first two years of the warranty is provided by us. This means we take responsibility for fixing any quality issues during this period after you move in. We also provide you a 24-hour response service for emergency calls. We take personal pride in our customer service.
A new build home allows you to make it your own. When you move into a new home, there’s no need to live with other people’s decorating disasters! Your light, spacious and neutral interior is the perfect blank canvas on which to create a home to suit your individual taste and lifestyle.
Choosing a new home means embracing advanced energy efficiency. With superior insulation and modern energy-saving features, your new property outperforms older homes, ensuring not just comfort but also cost savings over time. Make a smart investment in a home that aligns with contemporary standards for sustainable living.
Prioritising prime locations, we meticulously select sustainable sites that offer convenient access to local schools, amenities, and robust transport links. Our focus on strategic placement ensures that your new home is not just a residence but a gateway to a well-connected and vibrant community. Choose the advantage of a location that complements your lifestyle while contributing to the long-term value of your investment.
Experience a chain-free move with our Part Exchange service. Say goodbye to the complications of being stuck in a chain, saving both time and money. Discover more about this hassle-free option and explore the convenience through our Part Exchange calculator.
Join a vibrant new community when you choose one of our developments. Whether showcasing modern or traditional architecture, our designs are crafted to nurture a strong sense of community. Experience the satisfaction of becoming a valued part of a neighborhood where connection and camaraderie thrive.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
A second charge over your home is required. The First Home Fund cannot be used in conjunction with part exchange or any Scottish Government shared equity schemes Availability of other incentives/offers subject to lenders criteria and Cala’s
discretion. Your mortgage lender’s deposit requirements may vary, but you should usually expect to contribute a deposit of at least 5% of the purchase price. Available on selected properties, and subject to the Government’s specific terms, conditions and qualifying criteria.
CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS. PLEASE SEEK INDEPENDENT FINANCIAL ADVICE.
