The Scottish Government has announced that £70 million is to be invested in a scheme to help eligible first-time buyers on low to moderate incomes buy a home.
The Scottish Government’s Open Market Shared Equity Scheme provides assistance to eligible buyers in the form of an interest free loan.
Under the scheme, eligible buyers are normally required to purchase between 60% and 90% of the value of a home within certain price thresholds that is for sale on the open market, and lenders normally require buyers to provide a modest deposit.
Priority access is given to priority group applicants, which include social renters (people who rent a property from either a local authority or a housing association), disabled people and members of the armed forces.
There are limits set on the price of homes that can be bought under the open market scheme to ensure that only 'starter' properties are available through the scheme - these are known as threshold prices. These limits vary according to house prices in different parts of Scotland and are often referred to as local maximum price ceilings.
“The Open Market Shared Equity scheme has not only helped people to buy their first home, it has also helped ‘second-steppers’ to be able to sell their home and to move to a new property,” commented Social Justice Secretary Alex Neil.
“The scheme has also helped free up houses in the social rented sector and it will continue to provide priority access to social renters, disabled people, serving members of the armed forces and veterans,” he added.
Contains public sector information licensed under the Open Government Licence v3.0.
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