The Scottish Government has announced a £62 million funding boost for the Open Market Shared Equity Scheme (OMSE), which should help eligible buyers around Scotland on to the property ladder.

According to Housing Minister Margaret Burgess, the funding will be available over the next two years for eligible buyers on low to moderate incomes who are looking to buy their first home. They will be able to purchase a home by paying a majority share in it, while the Scottish Government provides the remaining amount which is secured under a security on the home. 

The announcement comes after plans were unveiled last week to end the Right to Buy. 

Speaking during a visit to a home in Cruden Estates’ Golspie Street development in Govan, where the homeowner benefited from support from the Open Market Shared Equity Scheme, Mrs Burgess highlighted the difficulties that people are still facing in buying a home.

“Over the past four years this scheme has helped over 2,700 people on low to moderate incomes buy a home. And it has reduced pressure on the social rented sector through freeing up properties and reducing demand expressed through housing waiting lists,” she said.

According to John Gallacher, managing director of Cruden Estates, schemes like OMSE are beneficial for buyers and housebuilders alike. 

“At Cruden Homes we’ve made a point of advising potential buyers who are concerned about affording a mortgage that there are options open to them through such Scottish Government schemes,” he said. “This has allowed us to continue to build and sell homes for the First Time Buyer market as well as established buyers.”

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