Getting on the property ladder can be difficult whether you're moving in solo or with other people.
Last year proved difficult for many buyers regardless of whether they were part of a chain or not. And now the Scottish Government has said that they are going to do everything they can to help “as many people as possible” buy an affordable home in 2023, the housing secretary has said.
Shona Robison, MSP, said the Open Market Shared Equity Scheme could help low-income buyers as well as first-time buyers.
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Robison said that whilst ministers acknowledge the ongoing challenges caused by the cost of living crisis, the scheme is open to many people. This includes those buying their first home, buyers aged 60 and over, those living in either council or housing association properties, disabled people, members of the armed forces and those who have left the services within the last two years.
The bereaved partners of those in the forces who have died while in service in the last two years can also benefit from the scheme, which allows people to buy a share of a home – usually between 60 per cent and 90 per cent – with the Scottish Government purchasing the remaining share.
The Government then receives a share of the money when any home purchased using the scheme is sold on at a later date. For example, if you pay for 75 percent of the home, the Scottish Government will help with 25 per cent of the purchase price.
Speaking about the initiative, Ms Robison said: “We recognise the challenges people are facing in this cost-of-living crisis and we want to help as many people as possible to buy an affordable home this new year.
“This scheme puts applicants on a more level playing field with other buyers when purchasing an affordable home. Buyers can purchase a share of a property while holding the full title, with the Scottish Government funding the remaining share under a shared equity agreement.
“Scotland continues to be a great place to buy a first home and has led the way in the delivery of affordable housing across the UK. We have now delivered almost 113,000 affordable homes since 2007, over 79,000 of which were for social rent.
“If you’re from one of the priority groups and would like to own a home, I’d encourage you to consider the Open Market Shared Equity scheme."
Open Market Shared Equity Scheme - how to apply and who is eligible
The MyGov.scot website stats that if you wish to apply for OMSE, you should read through this information leaflet first. If you're eligible for the scheme contact the administering agent Link Homes.
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