We are taking reservations on homes at Lathro Farm.
To enquire call 01577 898604, or go to the enquiry form.
Our Lathro Farm development contains a stylish range of homes for sale in Kinross. They sit in a great location, with Kinross High School, leisure centre and local nursery on the doorstep. Lathro Farm boasts several luxurious 2, 3, and 4 bedroom houses with some available to purchase with Help to Buy and First Home Fund.

Help to BuyFirst Home Fund

A handy guide to the Scottish Government’s First Home Fund, available for first time buyers.

First Home Fund is a new Scottish Government shared equity scheme that aims to help first-time buyers onto the property ladder. 


What is a Shared Equity Scheme?

Shared equity means the purchasing cost is split between yourself and, in this case, the Scottish Government's First Home Fund. You will however own the property outright. 


What do you need?

• 5% deposit
• An agreed mortgage of at least 25%


What can the First Home Fund offer?

The maximum First Home Fund contribution towards a Springfield home is £25,000

Example A 

The valuation/purchase price             £150,000
Your deposit and mortgage total        £125,000
Your equity share                                83.4%
Scottish Government contribution     £25,000
Scottish Government equity               16.6%

Example B 

The valuation/purchase price             £250,000
Your deposit and mortgage total        £225,000
Your equity share                                90%
Scottish Government contribution     £25,000
Scottish Government equity               10%

When deciding whether you want to use the First Home Fund it is important to weigh up any other options. For example if the home is between £167,000 and £200,000 Help to Buy may be a better option as it can give you more than the £25,000 maximum from the First Home Fund. Find out more about Help to Buy here.


When do I repay this? 

When you sell the home. Though you can increase your equity share over time with percentage payments at current market value. For example, what if you want to increase your equity share by the minimum 5%? If your home was valued at £150,000 when you bought it, but its current market value is £180,000 you pay 5% of £180,000. 


How much do I pay back when I sell the house? 

Again, you pay back the equivalent percentage. For example, if the Scottish Government committed 16.6% of the purchase value, you pay back 16.6% of the resale value. 


What else should I know?

  • Your mortgage must be capital repayment. This means it can't be interest only.
  • The home cannot be used as a let property.
  • You cannot use with another equity scheme such as Help to Buy (Scotland). You can however still use a Help to Buy ISA or Lifetime ISA.
  • If you are making a joint application to the First Home Fund, only one of you needs to be a first time buyer.


This information has been put together as a guide only. We recommend speaking to an independent financial adviser or a mortgage adviser as every mortgage lender will have their own requirements.


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Faith
Faith Davies
Sales Executive
6 Acremoar Drive, off the A922/South Street, Kinross KY13 8RD
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Closed until further notice. Please call or email us with any enquiries.
kinross@springfield.co.uk

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