Scotland first home fund extended

Scotland’s first home fund – which works in a similar way to Help to Buy – has been extended to March 31st 2020.

The scheme helps people buy their first new or second-hand home with a £25,000 equity loan, provided they contribute at least a 5% deposit.

Nicola Barclay, chief executive of trade body Homes for Scotland, said: “As well as recognising the continuing demand from Scots to own their own home, extending the scheme will provide more confidence for consumers and more investment certainty for businesses, the benefits of which will ripple through the wider housing sector and economy.”

She scheme is said to have mitigated the impact of lenders reducing loan-to-value ratios on new mortgages.