The First Home Fund is a new scheme run by the by the Scottish Government and aims to help first-time home buyers purchase a new property in Scotland.
In order to take part in the scheme you will be required to provide a minimum Deposit of 5% of the purchase price (subject to individual lender requirements)
and your mortgage must be at least 25% of the purchase price. There are no monthly payments or interest payments to the Scottish Government for their contribution,
The loan can simply be cleared off at any time or when the property is sold. A £550 administration fee is payable to the administering agent once they receive your application.
This will be refunded to you if your application is unsuccessful.