Government cash to help home ownership

Help is available to get first time buyers on the property ladder.
Help is available to get first time buyers on the property ladder.

The Scottish Government is making cash available to assist those who want to buy their own homes to the tune of £160 million.

More than £80 million of that sum will go to the Government’s own Open Market Shared Equity Scheme (OMSE) assisting up to 2,000 eligible first-time buyers on low to moderate incomes.

The Help to Buy (Scotland): Affordable Home Ownership scheme will help up up to 3,000 households next year, backed by £80 million equity support towards the purchase price.

The opening date for applications to the three-year £195 million Help to Buy scheme is March 1.

It is hoped this will assist thousands on lower income towards new-build purchases.

Social Justice Secretary Alex Neil said: “I am delighted that we can help 5,000 home buyers into affordable home ownership in the coming financial year, underpinned by £160 million, which is £35 million more than originally planned for this year.

“Importantly, this new funding is specifically targeted to support thousands of low income individuals and families get on or up the housing ladder.

“Since 2007, OMSE has helped over 6,000 first time buyers who would not otherwise be able to afford to buy their first home to get a foot on the housing ladder; and this year we will help another 2,000.

“Through Help to Buy, we have already helped 7,500 households buy a new-build home and over the next three years our successor Help to Buy Scheme will help another 7,500 as well as boosting the home building industry, and support jobs across Scotland.

“Homes for Scotland and the Council of Mortgage Lenders expressed clear views about how Help to Buy should be improved.

“We have listened carefully to what they told us and worked with them to develop the scheme to support industry and buyers as much as possible.

“And hundredsof small developers will benefit from people buying new, affordable homes across urban and rural Scotland.”