Scottish equity scheme gets £62m funding boost

Robyn Hall

July 11, 2013

The funding for the Open Market Shared Equity Scheme will be available over the next two years for eligible buyers on low to moderate incomes who are looking to buy their first home.

This increases the overall investment in the scheme over the next two years to £90m.

Eligible buyers 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.

Housing minister Margaret Burgess said: “People in Scotland who should rightly be able to afford a mortgage are still facing real challenges buying a home.

“This overall investment of £90m over two years demonstrates our commitment to do all we can to help credit worthy buyers to buy their first 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.”

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

Burgess said: “This government remains absolutely committed to helping people buy a home and our shared equity schemes are helping – and will continue to help – thousands of people get a foot on the property ladder.”

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