The Scottish First Home Fund has closed after just five days potentially leaving some potential buyers facing the prospect of having their homeownership dreams dashed.
The scheme was re-opened on April 1 with the aim of helping around 12,000 first-time buyers purchase their first home.
However, the £60m available for the scheme, significantly less than the £200m allotted last year, was dished out within just five days.
Hope Capital launches short-term finance proposition in Scotland
A statement on the Scottish government’s website reads: “The First Home Fund is fully committed for 2021-22 and applications are now closed.
“Any applications in progress but not yet submitted at point of closure are unable to be processed.”
Last year the Scottish government pumped an additional £50m into the First Home Fund scheme on top of its initial £150m in the face of high demand. It remains unclear if a similar top-up is likely this time.
Earlier today Kensington Mortgages confirmed that despite the scheme being closed that any pre-existing or ongoing applications will be accepted.