Scottish Government announces more funding to help people buy their own home
The Scottish Government has announced that more than £160 million of new funding will be targeted in 2016/17 on home ownership schemes to support 5000 households to buy their own home.
More than £80 million will go to the established Open Market Shared Equity Scheme (OMSE) helping 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 to 3,000 households next year, backed by £80 million equity support towards the purchase price.
The three year £195 million Help to Buy scheme, which will help thousands of lower income households buy a new-build home, will open for applications on March 1.
Social Justice Secretary Alex Neil said:
“I am delighted that we can help 5000 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 across Scotland 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 2000.
“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.
Find out more about these schemes
Link manages both these schemes on behalf of the Scottish Government.
You can apply for the Open Market Shared Equity Scheme now just complete the online application form
Applications for the Help to Buy scheme will open on 1 March 2016.