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Scotland's First Home Fund runs out of money just days after launching

Scotland's First Home Fund runs out of money just days after launching
The scheme was open to all first-time buyers across the country and can be used to buy a new build property or one that has already been constructed.
09:24, 9 APR 2021
Updated
The First Home Fund has now closed for people across the country after the money ran out (Image: DAILY RECORD)
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First-home-fund , Scottish-government , Financial-transactions , Scottish-government-financial-transactions , United-kingdom-government , Spending-review , முதல்-வீடு-நிதி , ஸ்காட்டிஷ்-அரசு , நிதி-பரிவர்த்தனைகள் , ஸ்காட்டிஷ்-அரசு-நிதி-பரிவர்த்தனைகள் , ஒன்றுபட்டது-கிஂக்டம்-அரசு

SNP's flagship housing fund runs out of cash in days

SNP’s flagship housing fund runs out of cash in days
SNP ministers have blamed the UK Treasury for cuts to the fund
SNP ministers have blamed the UK Treasury for cuts to the fund
The Scottish Government’s flagship First Home Fund has run out of money in just eight days, in what opposition parties have branded a “spectacular misjudgement”.
The £60m fund, which lends people up to £25,000 towards their deposit, was launched on April 1 but was closed on Thursday afternoon after being inundated with applications. The initiative is now “fully committed” for 2021/22.
The news has been described as “devastating” for thousands of Scots hoping to get onto the property ladder, with the lack of availability of 95 per cent LTV mortgages making it “incredibly difficult” for first time buyers to access mortgage finance - despite “strong evidence” showing that owning a home is cheaper than renting.

United-kingdom , Scotland , Kate-forbes , Nicola-barclay , First-home-fund , Scottish-government , United-kingdom-treasury , Finance-secretary , Scottish-conservative , Maurice-golden , Scottish-lib-dems , Scottish-government-financial-transactions

EXCLUSIVE: Scheme to help Scots buy first homes runs out of cash in days

Updated: April 9, 2021, 8:47 am
© DC Thomson
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Thousands of young families are facing disappointment after a Scottish Government scheme to help first-time buyers ran out of cash in just eight days.
The flagship First Home Fund, which lends people up to £25,000 towards their deposit, was launched on April 1 but is already “fully committed” for 2021/22.
It is understood the initiative was closed on Thursday afternoon after being inundated with applications.
The budget for the fund was slashed from £200m last year to £60m this year, with Scottish ministers blaming a 66.5% cut in Financial Transactions from the Treasury.

United-kingdom , Kyleakin , Highland , Lochalsh , Scotland , Greig-brown , Aberdein-considine , First-home-fund , Skye-housing-association , Scottish-government , Financial-transactions , Skye-housing

EXCLUSIVE: Scheme to help Scots buy first homes runs out of cash in days

EXCLUSIVE: Scheme to help Scots buy first homes runs out of cash in days
thecourier.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thecourier.co.uk Daily Mail and Mail on Sunday newspapers.

United-kingdom , Kyleakin , Highland , Lochalsh , Scotland , Greig-brown , Aberdein-considine , First-home-fund , Skye-housing-association , Scottish-government , Financial-transactions , Skye-housing

Budget: Scottish Borders Council leader gives reaction

“Most of this additional funding is ring fenced for health and social care and early years education.
“Both of which are important, but it leads to less money for the bread and butter issues of fixing the roads and emptying the bins, that councils are responsible for.
“Also hidden in the budget is a £268m cut to the [national] housing budget. This will mean fewer affordable homes being built in the Borders to provide high quality housing for the families that need them.
“COVID-19 has cost local governments in Scotland over £800m. Councils are only going to get £259m to cover these costs. We need to see funding reflecting our losses to help us rebuild.”

United-kingdom , Scotland , Mark-rowley , Scottish-borders-council , Scotland-is-glasgow-city-council , Scottish-government , Borders-council , Mrs-haslam , Borders-tories , Great-tapestry , Scottish-budget , United-kingdom-government