"Minimum deposits can be a huge barrier to getting on the housing ladder, while other existing schemes are often targeted towards new build properties."
The Scottish First Home Fund, a £150 million shared equity pilot scheme, provides first-time buyers with a deposit of up to £25,000 to help them buy a property, providing they put in at least 5% from their own funds.
Unlike the Help to Buy scheme, which only applies to new build homes, the First Home Fund is also available for existing homes and will help up to 6,000 first-time buyers secure their first home.
TSB will accept the First Home Fund scheme loans on across its range of shared equity products and will consider loans supported by the scheme up to £250,000 depending on the size of the equity loan.
Earlier this month, Vida Homeloans and Mansfield Building Society made their ranges available to borrowers looking to take advantage of the Scotland First Home Fund initiative.
Nick Smith, head of mortgages at TSB said: “We’re pleased to support the First Home Fund – a scheme we expect to be very popular amongst first-time buyers hoping to take their first steps onto the housing ladder.
“It’s a well-known fact that minimum deposits can be a huge barrier to getting on the housing ladder, while other existing schemes are often targeted towards new build properties. With no maximum property value and a potential to be used for both new and existing homes, this scheme offers first-time buyers the flexibility they need to realise their housing aspirations.”
