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Scottish Govt First Home Fund
JessePinkman26
Posts: 29 Forumite
Hi, does anyone know, if you can use the £25,000 provided by the government just as a deposit? Say for example Person D had no deposit, got an AiP for up to £120,000, went through the FHF scheme, got approved. Can person D use the money from the scheme as their deposit? Or is it just to boost on top of the 5%? I can't see anything on the publications which say otherwise. Or say for another example, you had 3% saved up, can you still use the scheme to top that up to 10/15% perecent or is it a blanket 5% you need regardless?
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Comments
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The FHF still expect you to have a deposit as you need to have a DIP for a 95% mortgage for one of their specified lenders to make an application, so you'd need to have 5% in place - you need to send all the usual gubbins for affordability checks as part of the application so you'd need to show them that you have 5% available.
The FHF money is added to your deposit to reduce the LTV that you're seeking.1
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