Low Cost Home Ownership 18/08/15
Scottish Government Open Market Shared Equity Scheme
Applications are currently being accepted for the Open Market Shared Equity Scheme which aims to help first time buyers on low to moderate incomes who wish to purchase a home on the open market but cannot afford to pay the full market price for a property.
The following priority groups may apply to the scheme:
- first time buyers
- tenants of a local authority or housing association
- members of the armed forces, forces veterans, widows, widowers, and other partners of service personnel
- disabled people
Applicants pay for the majority share (between 60% - 90% based on their income) with the Scottish Government helping to fund the remainder of the price of the property. There are however limits set on the price of homes that can be bought, based on the size of the property and its location.
The scheme is administered by Grampian Housing Association on behalf of the Scottish Government.