Golden Knowes is a beautiful development with a selection of new build homes for sale. Suitable for everyone from first time buyers and growing families to downsizers, all available with Help to Buy or the First Home Fund! What's more, these versatile homes are complemented by beautiful sea views. Be creative - these homes come with a simplified specification where you choose the extras and upgrades that suit the way you live. Buying on a budget? Simply stick with the essential. Fancy a bit more? Treat yourself to a full range of kitchen appliances from a microwave or a double oven to a dishwasher, fridge/freezer or even a wine cooler! Contact us for more information on these exciting new homes and how you could style every room.

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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Karen Stewart
Sales Executive
Golden Knowes Road, Banff,
AB45 1JF
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goldenknowes@springfield.co.uk

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