How to Repay your Scottish Government First Home Fund

Understanding Your Commitment

The First Home Fund operates as a shared equity loan, meaning the government holds a share in your property. You don't need to make monthly payments on this loan, but you'll need to repay the government's share when you sell your home or reach the end of your mortgage term.

The repayment amount is based on the percentage of the purchase price that the government contributed. For example, if the First Home Fund covered 15% of your home's cost, you'll need to repay 15% of your property's value at the time of sale.

Repayment Process

Property Valuation: Before making any repayment, you'll need an independent valuation to determine your property's current market value.

Legal Assistance: McEwan Fraser Legal can handle all the necessary legal steps for your repayment, ensuring everything is managed smoothly and efficiently.

Contact the Loan Administrator: The First Home Fund loan is managed by an administrator on behalf of the Scottish Government. McEwan Fraser Legal will liaise with them on your behalf to initiate and complete the repayment process.

Key Considerations

Whether you're planning to sell your property or repay the loan early, it’s essential to plan ahead. Consider all associated costs and ensure you understand your financial obligations.

If you're unsure about any aspect of the repayment process, McEwan Fraser Legal is here to provide expert guidance and help you make informed decisions.