First Homes Fund will provide successful applicants with a £10,000 interest-free deposit contribution

The Scottish government’s new shared equity initiative for first-time buyers will open for applications in June.

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New housing development in Dumbarton, Scotland

The ‘First Homes Fund’ will provide a £10,000 interest-free contribution towards a deposit for new-build or existing properties up to the value of £300,000.

While the buyer will own the property, the government will retain an equity share, which would normally be repaid when the home is sold.

The first phase of the fund is expected to support the purchase of 2,000 properties in the first 100 days post-election and 50,000 over the course of this parliament.

Shirley-Anne Somerville, cabinet secretary for social justice and housing, said the fund “sits within a broader programme of action and is supported by a record £4.9bn investment in affordable housing over the next four years.”

The government said further information on how to apply will be available in due course.

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