A Shared Equity Loan Could Help You Buy Your First Home

What is First Home Fund?

The First Home Fund budget for 2021-22 is now fully committed and applications are closed. Have you considered Help to Buy or enquired about development specific offers for First Time buyers?

Please get in touch with the Sales Consultant at the CALA development you are interested in to find out if we could still help you move. 

For many first time buyers, affordability can be a barrier to getting onto the housing ladder but with the help of the Scottish Government's “First Home Fund*”, your dream CALA home could be more affordable to you than you thought.

The First Home Fund is a Scottish Government scheme to help first time buyers purchase their first home. It provides up to £25,000 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.

Scottish Government Shared Equity Scheme

How does First Home Fund work?

With the help of the Scottish Government's First Home Fund shared equity scheme, you could soon be able to own your dream CALA home.

0% APR TYPICAL. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Terms & conditions

Who is it for?

The scheme is open to all first-time buyers in Scotland who are taking out a mortgage. A first time buyer is anyone who does not own, or has previously owned, a property (as either a sole or a joint owner) in Scotland or anywhere else in the world.

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 £25,000.
  • 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 (e.g. Help to Buy (Scotland) Affordable New Build, Help to Buy (Scotland) Smaller Developer, New Supply Shared Equity or Open Market Shared Equity) 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.

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 (e.g. Help to Buy (Scotland) Affordable New Build, Help to Buy (Scotland) Smaller Developer, New Supply Shared Equity or Open Market Shared Equity).

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.

CALA Homes