Scottish First Home Fund pot dries up after five days

Mortgage Introducer

April 9, 2021

The Scottish First Home Fund has closed after just five days potentially leaving some potential buyers facing the prospect of having their homeownership dreams dashed. 

The scheme was re-opened on April 1 with the aim of helping around 12,000 first-time buyers purchase their first home.

However, the £60m available for the scheme, significantly less than the £200m allotted last year, was dished out within just five days.

A statement on the Scottish government’s website reads: “The First Home Fund is fully committed for 2021-22 and applications are now closed.

“Any applications in progress but not yet submitted at point of closure are unable to be processed.”

Last year the Scottish government pumped an additional £50m into the First Home Fund scheme on top of its initial £150m in the face of high demand. It remains unclear if a similar top-up is likely this time.

Earlier today Kensington Mortgages confirmed that despite the scheme being closed that any pre-existing or ongoing applications will be accepted.

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