People struggling to afford their first home can now apply for financial help through Scotland’s Open Market Shared Equity Scheme.
The scheme has opened for applications from first time buyers and priority groups who cannot afford the full price of a property but are able to sustain mortgage repayments.
Support is also available to social renters, disabled people, people aged 60 and over, members of the armed forces and veterans.
The Open Market Shared Equity Scheme allows eligible buyers to purchase a home with financial assistance from the Scottish Government rather than having to fund the entire purchase themselves.
It sits alongside the First Homes Fund as part of wider efforts to make home ownership accessible to people who might otherwise struggle to get onto the property ladder.
The schemes are particularly aimed at households capable of meeting the ongoing costs of owning a home but finding it difficult to build the savings needed to make a purchase possible.
That distinction matters at a time when the cost of buying a home can put ownership beyond the reach of households who could otherwise afford regular mortgage payments.
For communities across the Highlands and Islands, access to affordable homes is also closely connected to the ability of people and families to remain in the places where they live and work.
Scottish Government 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.”
The scheme offers another route into ownership alongside buying a property conventionally, renting privately or securing a social rented home.
Its reopening comes against a wider backdrop of pressure on housing availability, with access to affordable homes particularly important in rural and island communities where limited supply can make finding somewhere suitable increasingly difficult.
For prospective buyers, however, the immediate message is straightforward.
Anyone who believes they may qualify for the Open Market Shared Equity Scheme can now apply, potentially providing another way of turning the ability to afford a mortgage into the opportunity to own a home.
