First Homes Fund expected to open for applications in June
The Scottish Government has confirmed that applications for the new First Homes Fund are expected to open by the end of June 2026.
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The scheme is aimed at helping first-time buyers in Scotland with the cost of buying their first home. It will provide a £10,000 contribution towards a deposit for eligible applicants.
The First Homes Fund will operate as a shared-equity scheme. This means the Scottish Government will take an equity share in the property, although the buyer will own the home and hold the title. There will be no monthly repayments or interest charged on the Scottish Government’s contribution. The equity share would normally be repaid when the property is sold.
The scheme is expected to be available to first-time buyers purchasing a new-build or existing property with a mortgage, up to a maximum property value of £300,000.
The Scottish Government has said the first phase of the fund is expected to support around 2,000 households in its first 100 days, with a longer-term aim of supporting 50,000 first-time buyers over the course of this Parliament.
Full details on how to apply have not yet been published. Anyone interested in the scheme should check the Scottish Government website for the latest information and consider taking independent mortgage and legal advice before making any commitment.