Scotland offers more cash to help first-time buyers access the property dream

The Scottish Government has increased the funding it provides for a scheme to help people buy their first home.

A further £10 million is to be made available to the Investment in the Open Market Shared Equity Scheme (OMSE), the social justice secretary, Alex Neil has confirmed. The scheme is intended to help eligible first-time buyers on “low to moderate” incomes buy a home on the open market, and it is expected to top £80 million in 2015/16.

Assistance takes the form of an interest-free loan with eligible buyers required to purchase between 60% and 90% of the value of a home, for sale on the open market, within certain price thresholds.

Neil said: “We want to help young people on low to moderate incomes to access home ownership where this is sensible and sustainable for them,” said Neil. “OMSE provides priority access to social renters, disabled people, and members of the armed forces although it is open to all first time buyers. It also helps ‘second-steppers’ to be able to sell their home and to move to a new property.

“Since 2007, our Low Cost Initiative for First Time Buyers (LIFT) shared equity schemes have helped over 10,000 people get a foot on the property ladder.”

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