First-time buyer schemes in Scotland: An update on the First Homes Fund

Since the First Homes Fund opened for applications in June, the scheme has been expanded to include more mortgage lenders, giving first-time buyers greater choice when arranging finance.

When the fund launched, four lenders were participating. The Scottish Government's current guidance lists 11 lenders: Bank of Scotland, Ecology Building Society, Glasgow Credit Union, Halifax, Leeds Building Society, Lloyds Bank, Nationwide, NatWest, Scottish Building Society, ScotWest Credit Union and Skipton Building Society.

Designed to help more people take their first step onto the property ladder, the First Homes Fund offers eligible first-time buyers in Scotland a £10,000 contribution towards their home deposit. The initiative aims to make homeownership more accessible at a time when saving for a deposit remains one of the biggest challenges facing buyers.

What is the First Homes Fund?

The First Homes Fund is a shared equity scheme available to eligible first-time buyers purchasing a property in Scotland with a mortgage. The scheme can be used for both new-build homes and existing properties, giving buyers greater flexibility when searching for their first home.

For the purposes of the scheme, a first-time buyer is someone who currently does not own a property and has never owned a property anywhere in the world.

Help for first-time buyers in Scotland

As part of the Scottish Government's commitment to supporting homeownership, the First Homes Fund is available on properties valued at up to £300,000. By contributing £10,000 towards a buyer's deposit, the scheme could help reduce the amount that needs to be saved upfront and make mortgage affordability more achievable.

The Scottish Government expects up to 2,000 households to benefit from the scheme during its initial launch period, providing valuable support for individuals and families looking to purchase their first home.

Am I eligible for the First Homes Fund?

Eligibility criteria apply, and prospective buyers should check the latest guidance before applying. Visit the First Homes Fund scheme to find out if you are eligible and how to apply.

Is there a fee to apply?

Yes — once your First Homes Fund application has been approved, you'll need to pay an application fee of £650. Details of how to pay this will be included in your award letter. If your house purchase doesn't go ahead, the fee is generally refunded, provided the information given in your application was accurate and complete.

Homes for sale in Scotland under £300,000

One of the biggest advantages of the First Homes Fund is that it can be used on properties with a purchase price of up to £300,000. That opens up a wide range of opportunities across Scotland, from stylish city apartments and family homes in commuter towns to charming coastal properties and countryside retreats.

To help inspire your property search, we've selected a range of homes currently for sale in Scotland for under £300,000. Whether you're searching for your first flat in Edinburgh, a family home in Fife, or a character property elsewhere in Scotland, these homes could be within reach with the support available through Scotland's latest first-time buyer scheme.

Browse our selection of homes for sale under £300,000 below and start planning your move onto the property ladder.