A Scottish Government initiative to help first-time buyers get onto the property ladders has had to close after just five working days when it ran out cash.
The First Home Fund opened for applications from all first time buyers on April 1 and had a budget of £60 million.
However, it has now been forced to close after all the funding was used up, the Daily Record reports.
The scheme was available to be used to buy a new build property or one that has already been constructed with the shared equity pilot plan giving buyers up to £25,000 to help them purchase a home.
This years fund was slashed to from £200m to just £60m this year. The Scottish Government said the Financial Transactions budget in 2021-22 was cut by almost two thirds due to the Westminster government's Spending Review.
A Scottish Government spokesman said: “The First Home Fund has now closed to new applications as the allocated 2021-22 budget for the fund has been fully committed.
“As previously said, the total Scottish Government Financial Transactions budget in 2021-22 was cut by almost two thirds as a result of the UK Government’s Spending Review in November.
“As such, difficult choices have had to be made including reduced funding for the First Home Fund in 2021-22 and the closure of the main Help to Buy scheme.”
