First Home Fund now launched in Scotland

Stepping onto the property ladder is now even easier, as you can secure a £25,000 interest-free loan when you buy your first home. 

This new government scheme can significantly reduce your monthly mortgage repayments, and is available on new build and pre-owned homes across Scotland.

How does it work?

  • You must provide a minimum of a 5% deposit
  • Your mortgage must be at least 25% of the purchase price
  • You can receive up to £25,000 as an interest-free equity loan from the Scottish Government
  • There is no upper price limit

Who is this available for?

This new scheme is open to all first-time buyers in Scotland, and this property must be your primary residence. If you’re buying with your partner, only one of you needs to be a first-time buyer.

Will I own my home?

Yes. Although the Scottish Government will have an equity share in your new home, you will own it outright. 

No interest will be charged, and no monthly payments need to be paid to the Scottish Government. You can pay the equity loan back when you sell your property, or you can choose to buy them out if you wish.

 

 

First home fund graphic

 

Here’s how the New Home Fund can be applied to our new properties...

3 bed home in Dunecht

3 bed home in Dunecht

Plot 10, The Craig at Cowdray Meadows
Purchase price: £307,995
Your 5% deposit: £15,399.75
Kirkwood’s 5% deposit match: £15,399.75
Shared equity loan: £25,000
Mortgage required: £252,195.50

View plot
3 bed home in Cove

3 bed home in Cove

Plot 36, The Tewel at Charleston Grange
Purchase price: £274,995
Your 5% deposit: £13,749.75
Kirkwood’s 5% deposit match: £13,749.75
Shared equity loan: £25,000
Mortgage required: £222,495.50

View plot
3 bed home in Cove

3 bed home in Countesswells

Plot 7, The Clola at Countesswells
Purchase price: £292,495
Your 5% deposit: £14,624.75
Kirkwood’s 5% deposit match: £14,624.75
Shared equity loan: £25,000
Mortgage required: £238,245.50

View plot
3 bed home in Stonehaven

3 bed home in Stonehaven

Plot 69, The Buchan at Ury Estate
Purchase price: £339,995
Your 5% deposit: £16,999.75
Kirkwood’s 5% deposit match: £16,999.75
Shared equity loan: £25,000
Mortgage required: £280,995.50

View plot
3 bed home in Alford

3 bed home in Alford

Plot 39, The Craig at Kingsford Rise
Purchase price: £229,995
Your 5% deposit: £11,499.75
Kirkwood’s 5% deposit match: £11,499.75
Shared equity loan: £25,000
Mortgage required: £181,995.50

View plot

 

The New Home Fund is available across all our developments…

Cove, Aberdeen

Charleston Grange

Dunecht

Dunecht

Cowdray Meadows

Countesswells, Aberdeen

Countesswells, Aberdeen

Countesswells

Broughty Ferry

Balgillo Heights

Stonehaven

Stonehaven

Ury Estate

Alford

Alford

Kingsford Rise

Durris

Woodlands of Durris

Viewhill, Inverness

Viewhill, Inverness

Cairnfields Viewhill

Sauchen

Sauchen

The Brambles

More information…

For further information and terms and conditions of the New Home Fund, please visit the Scottish Government website. https://www.gov.scot/policies/homeowners/first-home-fund/

For queries relating to mortgages and this new scheme, please obtain independent financial advice. Our preferred independent financial advisor is
Gail Reid Mortgage Services