Here are the numbers!
10 THINGS ABOUT THE FIRST HOME FUND
Here is a worked example of a purchase using the FHF. The government share ends up being 17.86% with client and bank contribution being 82.14%. Customer is a FTB and currently rents a flat in Glasgow but wants to purchase their own home. Customer has a gross salary is £32,000 and has been advised by their mortgage adviser that the maximum mortgage available is £144,000. An offer has been accepted on a property with a value of £140,000 and submits an application for support through the First Home Fund. The lender requires a 5% deposit contribution and they have decided to accept the full £25,000 contribution from the Scottish Government