Now open — reopened 24 June 2026

Scotland's £10,000 first-home boost is back.

The First Homes Fund (formerly First Home Fund) is open again in Scotland. First-time buyers could get up to £10,000 towards a home worth up to £300,000 — no monthly payments, no interest. It's a shared equity scheme, and the rules can be confusing, so let's walk through them together.

Register your interestCheck if I qualifyTry the calculator
📞 Book a free call with Michael
£10,000
Contribution towards your first home
£300,000
Max property price
~5%
Typical deposit you'll need
0%
Interest on the government's stake
What is it?

The First Homes Fund, in plain English

A shared-equity scheme from the Scottish Government. They contribute up to £10,000 towards your first home and take a matching percentage stake — no monthly payments, no interest, repaid only when you sell (or when you choose to buy them out).

Up to £10,000
Towards a first home in Scotland priced at up to £300,000 — new-build or existing
0% interest
No monthly payments and no interest on the government's stake — ever
Repaid on sale
Pay back the equity share when you sell, or buy them out earlier in 5% increments
First-timers only
You must never have owned a property anywhere in the world — sole or joint
The process

How does it work?

1

Check eligibility

Use the quick questionnaire to confirm you're a first-time buyer in Scotland and within the £300,000 cap.

2

Get mortgage advice

We'll find a lender that works with the First Homes Fund and confirm your borrowing power — no obligation.

3

Apply via Link Housing

Once your offer is accepted (and before missives conclude), we can submit your application on your behalf. £650 application fee, refundable if the sale falls through.

4

Conclude & complete

If approved, you'll have 3 months to conclude missives and 6 months to complete the purchase and get your keys.

Shared equity, explained

So… what does "shared equity" actually mean?

It's the part that trips most people up — but it's simpler than it sounds. The Scottish Government chips in towards your home and, in return, owns a matching percentage of it. You still own and live in the property; they just hold a stake on paper.

A worked example
If you buy a home valued at £100,000 and the Scottish Government contributes £10,000, they hold a 10% equity stake. When you eventually sell, they receive 10% of the sale price (or the current market value at that point — whichever is higher). If the home sells for £150,000, their 10% is £15,000.
No monthly cost
You make no monthly payments on the government's share and no interest is charged. The only cost tied to their stake is repaying the percentage when you sell or when you buy them out.
Buy them out anytime
You can buy back the government's share in 5% increments at any time, based on the property's value at that point. There's no pressure to do it on any particular timeline.
Your home, your rules
You own the property outright and live in it as your main and only home. You're responsible for the mortgage, maintenance, insurance, repairs and running costs — just like any other homeowner.

Worth talking through with your circumstances? Book a free 15-minute call →

Affordability calculator

See what you could afford

Adjust the sliders to get an indicative budget. For a personalised figure, speak to one of our advisers.

£50,000
£15,000
£10,000
Get Advice

Your estimated figures

Total deposit available£25,000
Max mortgage (4.5× income)£225,000
Max property budget£250,000
Est. monthly payment~£1,251 / mo

Based on 4.5× income, 25-year repayment mortgage at 4.5% interest. For illustrative purposes only. This is not a mortgage offer. Actual mortgage offers depend on lender criteria and full affordability assessment. Your home may be repossessed if you do not keep up repayments.

Lead qualification

Do you qualify? Find out in 2 minutes

Answer a few quick questions and we'll tell you if the First Homes Fund could work for you — and how Freedom Financial can help.

1. Eligibility
2. Property
3. Finances
4. Your details

Have you ever owned a property?

This includes anywhere in the world, whether sole or joint ownership

Common questions

Frequently asked questions

Do I have to be a first-time buyer?

+
Yes. You must never have owned a property anywhere in the world — sole or joint ownership counts. For joint applications, at least one applicant must be a first-time buyer; if the other applicant currently owns a property, they must sell it before completion. Joint applications still receive one award of £10,000 in total.

How much deposit do I need?

+
Typically around 5% of the purchase price as your own deposit, on top of the £10,000 contribution from the Scottish Government. You'll also need a capital repayment mortgage of at least 25% of the buying price (or valuation, whichever is lower). A Help to Buy ISA or Lifetime ISA can be used towards your deposit.

What's the maximum property price?

+
£300,000. The First Homes Fund applies to properties in Scotland with a purchase price of up to £300,000 — both new-build and existing homes. The property must be your main and only home.

Is this a loan or a grant?

+
Neither — it's a shared equity scheme. The Scottish Government takes a percentage stake in your property based on the contribution made. There are no monthly payments and no interest. You repay the equity share when you sell the property, or you can buy them out earlier in 5% increments.

What if my partner has owned a house before?

+
Joint applications can still work, provided at least one applicant is a first-time buyer and the other applicant sells their existing property before completion. The award is one £10,000 contribution in total per application.

Can I use a Lifetime ISA or Help to Buy ISA?

+
Yes — both can be used towards your deposit alongside the First Homes Fund contribution. If you've been saving in either, those funds count towards your 5%.

How long does the application take?

+
You apply online via Link Housing after your offer has been accepted, but before missives are concluded. There is a £650 application fee, refundable if the sale does not conclude (unless false information was provided). If successful, you'll have 3 months to conclude missives and 6 months to complete the purchase. A mortgage adviser like me can submit the application on your behalf.

Who can't apply?

+
Cash buyers, anyone who has previously owned a home anywhere in the world (unless buying jointly with a first-time buyer who hasn't), buy-to-let purchases, anyone with another open Scottish Government shared equity application, and part-exchange purchases. Builder incentives and assisted purchase are allowed.
Michael Watt, Mortgage & Protection Adviser at Freedom Financial

Michael Watt DipPFS

Mortgage & Protection Adviser — Freedom Financial

I'm a Scottish mortgage adviser specialising in helping first-time buyers get on the property ladder. Whether it's the First Homes Fund, zero-deposit options, or standard mortgages — I'll find the right route for you.

Get advice

Ready to get on the property ladder?

Rather speak now? No problem —Book a free 15-minute call →

Leave your details and a Freedom Financial adviser will be in touch — no obligation.

Freedom Financial is a trading name of Freedom Financial Ltd, which is authorised and regulated by the Financial Conduct Authority. FCA No. 920865. Your home may be repossessed if you do not keep up repayments on your mortgage. This page provides general information only and does not constitute financial advice. Think carefully before securing other debts against your home. By submitting this form you consent to your details being used to contact you about your enquiry — see our Privacy Policy for how we handle your data.