Scheme to help with up to 40% of buying a house reopens

The Open Market Shared Equity Scheme is now open and available to a number of groups.

PA Media

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Property

A scheme to help people in certain groups buy a home with the support of the Scottish Government has now reopened.

The Open Market Shared Equity Scheme would see the Government contribute up to 40% of a property’s value for those eligible.

The scheme is available for those who cannot afford the full price of a home, including social renters, disabled people, those over 60, members of the armed forces and veterans, among others.

The Scottish Government would pay between 10% and 40% of the home’s value, which it would own, while the resident would own the remaining percentage.

When the property is sold, the residents and Government will receive the same percentage they put in, although residents can increase their equity share at any point.

Social justice secretary Shirley-Anne Somerville encouraged people to sign up for the scheme.

She said: “The cost of living crisis, high energy prices, inflation and interest rates make it increasingly difficult for some people to buy their own home.

“We want to give people in the priority groups the same opportunity as other buyers to own their home and I would encourage anyone looking to buy a home to apply to the scheme.

“Giving more people the chance to buy an affordable home also plays a crucial role in reducing homelessness and eradicating child poverty in Scotland.”

Applications to the Open Market Shared Equity Scheme can be made on the Link Housing website.