Why you should apply if you are in the process of securing a your first home
This is no April Fool’s joke! Applications have reopened for the First Home Fund which means first-time buyers can receive up to £25,000 to help boost their deposit and successfully, secure that dream home. Understandably, not everyone is fortunate enough to buy a property without any sort of help and that is why schemes like this are important to take full use of. Grab it with both hands!
In the UK, the average age of a first-time home buyer is 34 years with many wanting to buy sooner. There are several factors for this including not knowing where you want to buy, the cost of purchasing and missing out on a sale. Let’s take a look at our capital, Edinburgh. With 543,000 citizens, it is clearly a competitive space when it comes to buying and even renting. The demand to live in sought out areas such as Stockbridge, Bruntsfield, Morningside and Leith are on the rise making buying a property in 2021 hot, especially for first-time buyers.
Taking full use of a scheme such as the First Home Fund, can bring the following benefits and help with a competitive market:
- Struggling to save for a larger deposit? The fund can help boost this and make you eligible for more mortgages
- Only a 5% deposit is needed (5% of the purchase price)
- The scheme covers both, resale and new build properties meaning you have a greater choice of homes and areas (perfect for a city like Edinburgh)!
- No monthly repayments or interest to pay – instead the Scottish Government receives a share of the sales price, whenever you decide to move on
- You do not need to borrow the full £25,000 giving you flexibility (this will benefit you when it comes to selling)
- No limit on what property you can buy! You can opt for as many bedrooms as you like. Some schemes restrict you on this!
- You can buy out the Scottish Governments share (A minimum of 5% can be done each time, and at any time that suits your circumstances. Note, the Government cannot own less than 10%)
Justifiably, due to the greatness of the scheme, it won’t be around for long! We recommend doing further research on the First Home Fund to ensure it is the right scheme for you and follow the Scottish Government link if you apply:
https://www.gov.scot/policies/homeowners/first-home-fund/
To summarise, in spite of a global pandemic turning things upside down for many, it has encouraged people to make quick decisions on what they want to do with their lives and where they would like to live. We have realised that life is too short and there is no better time than now to make a change. If you need help in pursuing this, the First Home Fund could be for you.
