Supporting people to buy their first home

A scheme to help people on low incomes and in priority groups buy their first affordable home has opened for applications.

The Open Market Shared Equity Scheme (OMSE) is available for first-time buyers and priority access groups who can’t afford the full price of a home. This includes social renters, disabled people, people aged 60 and over, members of the armed forces and veterans.

The scheme, along with the First Homes Fund, provides financial assistance to prospective homeowners and is part of the Government’s programme of action to provide affordable housing across the country.

Cabinet Secretary for Social Justice and Housing Shirley-Anne Somerville said:

“This Government is delivering on affordable housing and this scheme, along with our First Homes Fund, will provide a vital support for those looking to buy their first home.

“We know how hard it is to get that first foot on the property ladder - our shared equity schemes assist households who can sustain mortgage repayments but find it difficult to accumulate the necessary savings to secure a purchase. 

“I encourage everyone who is eligible and looking to buy a home to apply to these schemes. Giving more people the chance to buy an affordable home also plays a crucial role in reducing homelessness and eradicating child poverty across the country.”

Background

The Open Market Shared Equity Scheme (OMSE) is open for applications. It is a shared equity scheme designed to help eligible buyers on low-to-moderate incomes purchase a home on the open market by funding a percentage of the price (usually 60% to 90%) while the government holds the remaining equity stake.

The First Homes Fund was introduced by the Scottish Government in June this year. This offers a £10,000 contribution to first-time buyers that struggle to save enough for a full deposit.