First Home Fund

themiscyraWW

Hello
I wonder if anyone has experience in the First Home Fund in Scotland. I have applied for it and still awaiting a decision.

I have had my mortgage approved so hoping to hear from them soon!

WaverT

Sorry to hijack but im thinking of using the same fund to purchase a home shortly. Does the mortgage provider treat the LTV based on what your deposit is or the overall deposit (yours plus first home fund amount)?

So if you had a 5% deposit and applied for the 25,000 first home fund,  would you need to get a 95% LTV mortgage (which aren't really available just now)?

themiscyraWW

Hello
No problem. Yes they use both together to calculate the LTV. We have 5% and adding the first home fund amount takes us to 15% deposit and therefore 85%LTV

highlandlife

Hi, we had looked at using the fund to increase our deposit from 5% to 15% as the fund can be counted as part of your deposit. We couldn't quite make the figures work for our situation so we are using the LIFT Open Market Scheme instead now.

themiscyraWW

I looked at that scheme also, but max price seemed low for the amount of bedrooms needed in my area.

How have you gotten on with LIFT? Have then been good to deal with? 

highlandlife

themiscyraWW said:

I looked at that scheme also, but max price seemed low for the amount of bedrooms needed in my area.

How have you gotten on with LIFT? Have then been good to deal with? 

Really easy, our MB dealt with the application, they needed clarification on a few things as the figures didn't add up (we are not a straight forward case). It was about 4 days from application to passport issue. Just waiting on the mortgage now 🤯🤯

alanastill12

We submitted our application to the FHF last wednesday - they came back with some questions and then was approved yesterday - really quick, just waiting on the mortgage now and it's killing me!