Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Scottish Building Society Supports New First Home Fund Scheme

Scottish Building Society will be one of the first mortgage lenders to support the Scottish Government’s new First Home Fund. The scheme provides a £10,000 shared equity contribution from the government towards the purchase of homes valued up to £300,000.

The First Home Fund is part of a wider programme of action, which is supported by a £4.9 billion investment in affordable housing over the next four years. The Scottish Government has stated that the fund is intended to make homeownership more accessible and fairer for eligible buyers.

Scottish Building Society aims to facilitate the programme, having doubled the number of first-time buyer mortgages it provided in the previous year. The society has indicated that helping people buy their own homes remains a key priority, and that many aspiring homeowners continue to face affordability challenges.

For letting agents and inventory clerks, the introduction of the First Home Fund may impact demand in the rental sector, as more first-time buyers could be able to access homeownership through this new support. The scheme adds to the range of options available for those looking to purchase their first property in Scotland.