";s:4:"text";s:27803:"You can apply for a first time buyer mortgage of up to 95% of the property’s value. Find out if you qualify. The Scottish Government’s First Home Fund is a shared equity scheme that helps first-time buyers purchase a property that meets their needs in an area they want to live. buying a property that’s not a New Build, Shared Ownership, Shared Equity, Right to Buy or buy to let, applying for a qualifying mortgage by 31 December 2022 (however, the scheme may be withdrawn earlier). You MUST You cannot apply if; Your charity must have an income of £1.5m or less. The safest way to bank with us right now is from home either using our app or through Internet Banking. A charitable company limited by guarantee. We’ll be in touch end of May with next steps. For more details, speak to a mortgage adviser. File type 9 page PDF 437.3 kB Download Contact. Read our guide to understand the process so you know who does what and when. Required before you can begin your full mortgage application. This will give you an indication of how much you could borrow based on your income, outgoings and other financial commitments. Decisions about the future of the fund beyond 2022 are expected later in 2021. If you’re looking for your first home, your monthly payments could be lower than you expect with our mortgage deals. Service Status: The recent government update to lockdown restrictions means our branch opening hours have changed. First time buyer mortgages. Please check our branch finder if you need to visit for the latest information. The new fund will offer first time buyers up to £25,000 towards the purchase of their first property, until March 31st 2021. This programme has helped almost 2,000 people to start up, build and scale social enterprises, charities, community projects and impact-led organisations. 2. If you’re planning to put down a deposit of at least 5% but less than 10%, to qualify you’ll need to be: Lending is subject to an affordability assessment, credit score and a full mortgage application. Ensure your mortgage and deposit covers a combined minimum 85% of the total purchase price, 2. At Bank of Scotland we are proud to offer our customers mortgages provided by the Halifax, who have over 160 years' experience helping people own their homes. Your home may be repossessed if you do not keep up repayments on your mortgage. Guidance leaflet for buyers using the First Home Fund shared equity scheme. Launched in February 2019, ‘Supporting Positive Change Across Scotland’ is the Foundation’s five year strategic plan which will see a range of new funding programmes open in 2019 and 2020. The safest way to bank with us right now is from home either using our app or through Internet Banking. Speak to one of our mortgage advisers to start your application by calling us on. Visit the Bank of Scotland Facebook page. The Scottish Government’s First Home Fund has been “particularly popular” since the reopening of the housing market in June, with more than 8000 households thought to have been supported into home ownership. First Home Fund Buyers leafet. You will fund your share through a deposit and a mortgage, with the remaining share being provided by the Scottish Government. A soft credit check will be carried out with no effect on your credit rating - even if you're declined. The First Home Fund is a shared equity scheme which allows first time buyers to purchase their new home with assistance from the Scottish Government. As we provide Halifax mortgages, you'll need to complete an AIP on the Halifax website. Opens in a new browser window. You could lose your home if you don't keep up your mortgage repayments. Past fund performance; ... Royal Bank of Scotland mortgages are available to over 18s. Bank of Scotland is supporting the Governments MoD Forces Help to Buy scheme, which allows forces personnel to borrow up to £25,000 interest free (repaid over 10 years) to use as a deposit when buying a property to be used as their main home. As we provide Halifax mortgages you can find the current rates on the Halifax website. For more details please call us on 0345 300 2297 (Monday - Friday 8am - 8pm, Saturday 9am - 4pm) or view our Help to Buy: ISA information. For more details on Shared Ownership, visit the Scottish Government website. Bank of Scotland’s support for customers that are impacted by coronavirus (COVID-19). Visit the Bank of Scotland Twitter page. More information is available on the Scottish Government Website. A free learning programme, shaped by your needs, to help you adapt to a post-Covid new normal 2. Lines are open Monday to Friday 9am-8pm and Saturday 9am-4pm. First home Fund and government schemes Bank of Scotland supports government schemes including First Home Fund and Shared Ownership. So if you're a first time buyer or a home mover, there could be a scheme to help you. We've produced a comprehensive FAQs section that should provide you with the answers you need. If you haven’t already heard about it, the First Home Fund Scotland is a new fund started by the Scottish Government in December 2019 to give financial help first time buyers in Scotland. You may only buy a new build home from a builder who is registered with the scheme. The amount we could lend you isn't guaranteed and is subject to a full mortgage application. The schemes are open to first time buyers and existing homeowners and helps you with up to 15% of the purchase price of a new build home. The Help to Buy: ISA is closed for new applications. Decisions about the future of the fund beyond 2022 are expected later in 2021. Bank of Scotland supports initiatives including the Government’s mortgage guarantee scheme and Shared Ownership. The First Home Fund is fully committed for 2021-22 and applications are now closed. Bank of Scotland supports government schemes including First Home Fund and Shared Ownership. First Home Fund; Published: 14 Jul 2020. The recent government update to lockdown restrictions means our branch opening hours have changed. First home Fund and government schemes The house buying process in Scotland is different to the rest of the UK. Eligibility criteria and exclusions apply. At Bank of Scotland we are proud to offer our customers mortgages provided by the Halifax, who have over 160 years' experience helping people own their homes. You cannot apply if you are a newly registered charity operational for less than one year with no accounts lodged at OSCR. For more details speak to a Mortgage Adviser. Eligibility criteria and exclusions apply. Please check our branch finder if you need to visit for the latest information. You can find out more about what we have achieved over the last ten years in our anniversary newsletter . Eligibility criteria and exclusions apply. The First Home Fund Scotland is limited (at least initially) to £150 million and is expected to give assistance to around 6,000 first time buyers. Find out if there’s a scheme that could help you make your move. SC032942. All first time buyers . A supportive community of like-minded peers The L… We’re proud to support the Government’s mortgage guarantee scheme. Speak to one of our mortgage advisers to start your application by calling us on 0345 300 2297 (Monday - Friday 8am - 8pm, Saturday 9am - 4pm). Opens in a new browser window. Firstly, you'll need an Agreement in Principle (AIP). Opens in a new browser window. Complete one online on the Halifax website - it takes less than 15 minutes. 18 December 2019 . Find out about the Halifax mortgage prize draw, if you’re eligible and how to register. Please Enter to access social media links. First-time buyers in Scotland have less than one week to apply for a fund of up to £25,000 to help them get on the property market. We understand it's a huge step - but we're here to help. It's free and you're under no obligation to apply for a mortgage. ... With our new range of 95% mortgages, you could be buying your first home sooner than you imagined. First home Fund and government schemes. Opens in a new browser window. Otherwise we'll give you a decision the next day. The house buying process in Scotland is different to the rest of the UK. You can begin your full mortgage application over the phone or in a Bank of Scotland branch: Understand the Scottish house buying process, Please Enter to access social media links. If you can’t get a mortgage to buy a property outright, a shared ownership scheme could enable you to buy a 25-75% share in partnership with a social landlord like a housing association. Please check our branch finder if you need to visit for the latest information. It is available across Scotland. The scheme will provide you with up to £25,000 towards the purchase of a home and can be used for both new build and existing properties. Ready to buy your first home? Mentoring 4. Open to . 0.5% of your investment (you'll be provided with the exact cost before investing in a fund) Dealing commission: Bank of Scotland thinking about getting a repayment mortgage and not interest only. Charity No. It's open to first-time buyers and these priority access groups: Eligibility criteria and exclusions apply. By using www.bankofscotlandfoundation.org you agree to the outlined use of cookies in our cookie notice. Contact the agent below in the area you would like to live. The First Home Fund is a new Scottish Government scheme to help first time buyers take their first step onto the housing ladder. This year, we’ll support a further 260 people across the UK with: 1. Service Status: The recent government update to lockdown restrictions means our branch opening hours have changed. Find out if there’s a scheme that could help you make your move. Seek advice through your Chain of Command and personnel agency. The Scottish Ministers First Home Fund Scheme (which we shall refer to throughout this Guide as “FHF”) is generally summarised as being; A. loans of up to £25,000 to first time buyers to help boost their deposit to purchase a property in Scotland 2. Launch . thinking about borrowing less than £500,000. Ensure the value of the new build is not over the maximum threshold prices for the scheme. First Home Fund The First Home Fund is a £150 million shared equity pilot scheme to provide first-time buyers with up to £25,000 to help them buy a property that meets their needs and is located in the area where they want to live. The First Home Fund aims to help first time buyers get onto the property ladder. You would then pay ‘rent’ on the share that you do not own to the landlord. Mortgage prize draw rules apply. Henry Jordan, Nationwide’s Director of … Visit the Bank of Scotland Twitter page. You can apply for a mortgage through a Bank of Scotland branch or over the telephone; remember to tell the mortgage adviser the deposit is being provided through the Forces Help to Buy scheme. Announced in December 2019, the First Home Fund, a £150 million shared equity pilot scheme, provides first time buyers with up to £25,000 to help them buy a property. Registered in Scotland No. Read our guide to understand the process so you know who does what and when. Bank of Scotland Foundation recognises the significant financial impact that Covid-19 has had on people across Scotland. You can begin your full mortgage application by calling us on 0345 300 2297. Contact the agent below in the area you would like to live. If you cannot afford the full price of a home for sale in the open market you might be able to get help through the OMSE scheme. First-time buyers in Scotland will be able to apply for a TSB mortgage to purchase their first property via the Fund. An interest-free loan from the Scottish Government of up to £25,000 or 49% of the value of the property, whichever is the lesser, towards the purchase of a property; and A grant (£1,000 – £7,000) 3. The fund manager The cost of buying or selling some or all of your investment. Speak to one of our mortgage advisers to start your application by calling us on 0345 300 2297 (Monday - Friday 8am - 8pm, Saturday 9am - 4pm). It is open to all first-time buyers in Scotland and can be used … The Scottish Government’s First Home Fund is a shared equity scheme that helps first-time home buyers purchase a property that meets their needs and is located in the area they want to live. social renters (people who rent from the council or a housing association), veterans who have left the armed forces within the past two years, widows, widowers and other partners of service personnel for up to two years after their partner has lost their life while serving. Four strategic aims will determine our programmes of work over the next five years: For more details on Forces Help to Buy visit the UK Government website. The Scottish Government has a list of participating home builders. Use our mortgage calculator to explore our first time buyer deals and find out how much you could borrow. It provides up to £25,000 as an equity loan towards the purchase of a home in Scotland. If you are buying a house in the rest of the UK you can view the home buying process on the Halifax website. Opens in a new browser window. If you already have a Help to Buy: ISA you can still save and claim the Government 25% bonus (minimum £400 and maximum £3,000). Buyers must contribute a minimum deposit of 5% of the purchase price, towards the purchase of their home. The scheme will run with £150 million of funding or until March 2021, whichever comes first. Buying through a shared equity scheme means you split the cost of purchasing the property with the Scottish Government. SC229825. You can apply for a mortgage under the scheme by following our usual application process. Once you have your Agreement in Principle from the Halifax, you'll need to speak to one of our qualified mortgage advisers to get a personalised recommendation on the mortgage term, product and rate that is right for you. Bank of Scotland is supporting the Governments Open Market Share Equity (OMSE) scheme. It is open to all first-time buyers in Scotland and can be used to help buy both new build and existing properties. If you apply between Monday to Saturday 6am-10pm or Sunday 6am-9pm you'll receive your decision on the spot. There are two types of Help to Buy (Scotland) scheme: Both work in exactly the same way, and the agent who handles the schemes will tell you which one you'll be applying for depending on which home you want to buy. Government schemes. or come into a Bank of Scotland branch - you'll need to book an appointment beforehand. 3. When you part-buy, part-rent a home through shared ownership, you can apply for a smaller mortgage – so your deposit could be lower too. You're bound to have a lot of questions. Find out if … Opens in a new browser window. If you’ve submitted an application – congrats! The scheme will remain open until 31 March 2021 and will provide £150 million of assistance to first time buyers, either as sole or joint applicants. 1. You must be a charity registered in Scotland, operational for more than one year.. You cannot apply if you do not have all your regulatory returns up to date at OSCR and Companies House The First Home Fund runs alongside, although cannot be combined with existing schemes such as Help to Buy (Scotland) and Open Marked Shared Equity. What is the First Home Fund? applying for a mortgage with a loan to value (LTV) of more than 90% and less than, or equal to, 95%. First Home Fund: guidance for buyers. Up to £25,000 is available to all first time buyers towards the purchase of both new build and existing properties. Visit the Bank of Scotland YouTube page. Since we launched on 10th November 2010, our funding has helped to improve the lives of hundreds of thousands of people across Scotland, addressing areas such as unemployment, poverty, digital inclusion, mental health and homelessness in some of Scotland’s most deprived areas. For example, if you bought a 50% share of a property at £100,000 then you would rent on the remaining £50,000. More information is available on the Scottish Government website. Visit the Bank of Scotland Facebook page. You can also still transfer your Help to Buy: ISA to us from another bank or building society. For more details on Help to Buy, visit the Scottish Government website. Please check our branch finder if you need to visit for the latest information. Bank of Scotland is supporting the Governments Help to Buy scheme. First Home Fund. This document is part of a collection. The First Home Fund is fully committed for 2021-22 and applications are now closed. The First Home Fund is a shared equity pilot scheme to provide first-time buyers with up to £25,000 to help them buy a property that meets their needs and is located in the area where they want to live. Visit the Bank of Scotland YouTube page. Registered Office: The Mound, Edinburgh EH1 1YZ. You can apply for a first time buyer or home mover mortgage of up to 95% of the property’s value under the Government’s mortgage guarantee scheme. It aims to help first-time buyers in Scotland and can be used to help purchase new build and existing properties. More about branch availability, travel disruption and staying fraud safe. Background Information The First Home Fund is a shared equity pilot scheme to provide first-time buyers with up to £25,000 to help them buy a property that meets their needs and is located in the area where they want to live. Or, you can book a telephone appointment with a mortgage adviser at your local branch. You'll be provided with the exact cost before you trade this fund. We're proud to offer mortgages provided by Halifax. To learn more about current scheme availability and criteria, visit the Scottish Government website, or speak to a Mortgage Adviser. 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