The Scottish Government has launched a new pilot scheme to help first-time buyers on to the property ladder.
The First Home Fund is a newly created, £150 million shared equity pilot scheme that will provide up to £25,000 to help buy a property, new build or existing, anywhere in Scotland. Similar to that of Help to Buy, purchasers are required to fund a 5% deposit towards the purchase of the property.
First Minister Nicola Sturgeon said: “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 £1.2 billion in shared equity schemes, which have helped tens of thousands of people into homeownership, particularly those aged under 35 and this new scheme adds to the support we are providing.”
Nicola Barclay, chief executive of Homes for Scotland, said: “Homeownership remains the preferred choice of tenure for the majority of Scots. Though they can sustainably manage monthly mortgage payments, getting the deposit together remains a challenge for many.
“Initiatives such as this and Help to Buy are crucial, not only in helping people achieve their housing aspirations but also in helping to relieve pressures on the social and private rented sectors.”
Prospective buyers are invited to register on the Scottish Government website.
If you are interested in a new home, please visit the Riverford Gardens development page to find out about the latest available plots and prices or we would encourage you to register for our forthcoming development should you be interested in buying a home in Cambuslang.