People on low to medium incomes urged to apply for discount scheme to help buy their first home

dailyrecord.co.uk:

The Scottish Government is encouraging first-time buyers and people on low to medium incomes to take advantage of a discount scheme to help them buy a home in 2023.

The Open Market Shared Equity Scheme allows people to buy a home without having to fund its entire cost and is available across Scotland to those buying their first property and people in a priority access group.

This includes those buying their first home, as well as buyers aged 60 and over, people living in either council or housing association properties, disabled people, members of the armed forces and those who have left the services within the last two years.The bereaved partners of those in the forces who have died while in service in the last two years can also benefit from the scheme, which allows people to buy a share of a home - usually between 60% and 90% - with the Scottish Government then purchasing the remaining share.The Scottish Government then receives a share of the money when any home purchased using the scheme is sold on at a later date.Commenting on the new initiative, Housing Secretary Shona Robison, said: “We recognise the challenges people are facing in this cost of living crisis and we want to help as many people as possible to buy an affordable home this new year.“This scheme puts applicants on a more level playing field with other buyers when purchasing an affordable home.“Buyers can purchase a share of a property while holding the full title, with the Scottish Government funding the remaining share under a shared equity agreement.”She continued: “Scotland continues to be a great place to buy a first home and has led the way in the delivery of affordable housing across the UK.