How the First Home Fund can help
First time buyers in Scotland can access the First Home Fund to purchase a new-build home as well as pre-loved homes. Below are some examples of how the First Home Fund can help you purchase your perfect first home.
Example 1 - A 3 bedroom Richmond house style at KINION place
Full Cost Breakdown for the above:
*This example is based on a purchase price of £249,995. Monthly costs based on a repayment mortgage of £212.495 (£12,500 deposit contribution from buyer) and lender's fixed rate of 1.62% until 30/04/2022, reverting to the lender's variable rate for the remaining of the term, currently 4.24%. The overall cost for comparison is 3.94% APRC. Interest rate correct as at 27/02/2020, source Trigold. Calculated over 35 years the monthly cost on 1.62% is £663.19 for 24 monthly payments and then 4.24% variable, £954.57 for 396 monthly payments . The total amount payable would be £395,199.28 which includes an arrangement fee of £999 payable to the lender on application. Early repayment charges apply to the end of the incentive period.
**This example is also based on using the Scottish Government Scheme - First Home Fund. They will retain a 10% share of the property, which must be repaid on sale of the property. Typical example - if the property is sold for £270,000 then 10% (£27,000) is payable to the Scottish Government. Terms and conditions apply. The actual rate will depend upon your circumstances. Payments are indicative and full mortgage advice should be sought. Loans are subject to availability and subject to status.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Information supplied by: Gail Reid Mortgage Services Ltd is an appointed representative of PRIMIS Mortgage Network Ltd which is a trading name of First Compete Ltd which is authorised and regulated by the Financial Conduct Authority