First Homes Fund Scotland 2026 | Support for First-Time Buyers
By Ross Yates
One evening last week, I met my brother-in-law after work for a pint at Cottiers, and as often happens when we get together after not seeing each other for a few months, the ‘life’ chat turned to property and his hopes of buying his first flat in Glasgow.
The Biggest Challenge for First-Time Buyers? Saving a Deposit
He’s been thinking about buying his first home for a while now, but like many first-time buyers, it isn’t that he can’t afford a mortgage payment, it’s the deposit that’s the hurdle.
Rent needs to be paid, the cost of living continues to eat away at disposable income, and life in general has become more expensive. Trying to save a decent deposit while keeping all the other plates spinning is a real challenge.
His concern is one I hear all the time. With properties in Glasgow’s West End often selling for well in excess of the Home Report valuation, was buying still realistic for him, or had the market moved too far out of reach?
As it happened, the timing of his question was pretty good.
What Is the First Homes Fund?
Just a few days earlier, the Scottish Government had announced the return of the First Homes Fund, a scheme designed to help first-time buyers who can afford a mortgage but are struggling to save a deposit.
The idea is fairly straightforward. Eligible buyers in Scotland may be able to receive up to £10,000 towards their deposit. It isn’t a traditional loan with monthly repayments and interest. Instead, the Government takes a small equity stake in the property and receives its share back when the property is sold in the future.
Could the Scheme Help Buyers in Glasgow?
For him, this was of course interesting news, and the conversation shifted to talking about the practicalities of what might actually be achievable.
The type of flat he’s looking for falls below the proposed £300,000 purchase limit, so depending on the final eligibility rules, it could be relevant.
We got talking about the next steps: getting a mortgage agreement in principle, keeping an eye on the scheme’s launch details, and starting to properly search for suitable properties.
Of course, there are still some details to be confirmed. Full guidance on the scheme is expected by the end of June 2026, so as I advised him, for now it’s something to keep an eye on rather than rely on completely.
Is £10,000 Enough in Today’s Market?
And while the scheme is undoubtedly welcome news, it would be unrealistic to present it as a silver bullet. The previous version of the First Home Fund offered a higher level of support, and in today’s market £10,000 doesn’t stretch quite as far as it once might have. Rising property values and deposit requirements mean that many buyers will still need to contribute a significant amount themselves, but that doesn’t mean it isn’t useful.
For buyers who are already close to being mortgage-ready, an additional £10,000 could be the difference between waiting another year and beginning their property search today, helping them take that next step sooner than they otherwise might.
Preparing for Your First Home Purchase
As with most things, preparation makes all the difference. Understanding what you can afford, having your finances in order and knowing the market you’re buying into will always leave you better placed when the right property comes along.
How we can help
If you’re thinking about buying your first home in Glasgow and would like to discuss the property market and your options, the team at Yates Hellier would be delighted to help.
You can register with us to receive updates on properties that may be suitable for your search as they come to the market.
In the meantime, we wish you every success with finding your first home.