Housebuilder Preparing For Re-Launch Of First Home Fund

Taylor Wimpey in Scotland is ready to re-launch the Scottish government-back First Home Fund when it comes into effect on 1 April 2021.

The scheme offers first-time buyers up to £25,000 towards a deposit for a new home, with no limit on the property value. They will need a minimum 5% deposit and at least a mortgage of 25%. Buyers must also be a first-time buyer who does not own, nor previously owned, a property in Scotland or anywhere else in the world.

The First Home Fund allows buyers to own 100% of their new property but the Scottish government will contribute a maximum of 49% equity stake based on a property’s value or purchase price, whichever is lower, and up to a maximum of £25,000. Buyers will make up the remainder of the property price through their deposit and mortgage from their financial provider. The First Home Fund cannot be used in conjunction with any other offer.

Taylor Wimpey’s East Scotland and West Scotland divisions both offer a number of developments with house types which will appeal to those taking a first step on the property ladder.

Among its developments across Edinburgh, the Lothians, Fife, as well as Monifieth in Tayside, the First Home Fund is available on a new three bedroom semi-detached ‘Blair’ home at Greenlaw Mill in Penicuik, which will need a deposit of £12,000 and a mortgage of £203,000 - £25,000 from the First Home Fund takes it up to the purchase price of £240,000.

Kirsty McGill, sales and marketing director for Taylor Wimpey East Scotland said: “This scheme was popular first time around, and we have extensive experience of helping first-time buyers through the process of buying a new home as well as accessing the scheme.

“With such a strong demand for new homes across the majority of our developments, I would encourage interested buyers to seek some financial advice to ensure they are in best position to take advantage of the scheme when it launches on 1 April 2021, as well as arranging to visit one of our developments to see how we might help them make their move.”

There are also current developments in North Ayrshire, South Ayrshire, Renfrewshire, Glasgow, North and South Lanarkshire, East Renfrewshire, as well as Helensburgh in Argyll and Bute.

A new three bedroom semi-detached ‘Chalmers’ home at Benthall Farm in East Kilbride would need a 5% deposit of £10,800; the buyer can access £25,000 from the First Home Fund and they will need a mortgage of £180,200 to complete their purchase price of £216,000.

Audrey Ross, sales and marketing director for Taylor Wimpey West Scotland said: “We know that first-time buyers can feel overwhelmed at the prospect of buying a new home, however our experienced sales executives are available to take them through the process for a hassle-free move. We’re sure that first-time buyers will find it just as helpful this time around to help them make their move to a new home.”

Find out more about current Taylor Wimpey developments across Scotland.

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