Home seekers helped to get foot on property ladder
The Scottish Government’s Open Market Shared Equity Scheme (OMSE) provides assistance to eligible buyers in the form of an interest free loan.
Eligible buyers are normally required to purchase between 60 per cent and 90 per cent of the value of a home within certain price thresholds that is for sale on the open market.
Craig and Jude Deacons purchased a home with assistance from the scheme said: “Craig and I are grateful for the scheme as it has allowed us to secure a great first home fit for our family life. We got married in 2009 just as the housing market changed significantly. We were unable to buy our first home as we had no way of securing the sizeable deposit required, despite both being in full time employment. As both of us were first time buyers the OMSE scheme allowed us to purchase a house fit for purpose to accommodate our two children. Another benefit to the OMSE scheme was that we could look at all homes and not just new builds. This opened up more choice with regards to purchasing the right home for us.”
Ms Sturgeon, First Minister, said: "We want to help today’s generation of young people to access home ownership where this is sensible and sustainable for them. This scheme will have a huge impact on people’s life chances and will help them make a move from living in the social rented sector, the private rented sector or residing in the family home. We will do all we can, within our powers and our resources, to help people like Craig and Jude get a foot onto the housing ladder.”
Link Group Ltd currently administers the OMSE scheme in the following areas:
Edinburgh, East , Mid and West Lothian, Scottish Borders, Fife, Angus, Clackmannanshire, Dundee, Falkirk, Perth & Kinross, Stirling, Glasgow, East Renfrewshire, Renfrewshire, East and West Dunbartonshire, Inverclyde, North and South Lanarkshire, North, South and East Ayrshire, Argyll & Bute and Dumfries and Galloway.
Link Group Chief Executive, Craig Sanderson said: “Having been involved in the scheme since its inception, we have considerable experience of the most positive effect this programme is having on the lives of so many who could otherwise have not been able to secure affordable home ownership. I therefore welcome and applaud this additional funding support from the Scottish Government."
For more information on the scheme call Link’s LIFT team on 0330 303 0125 or look at our OMSE buyers guide