Scottish government expands shared equity funding

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The Scottish government has announced a £62 million funding injection for those looking to get on the housing ladder.

This increases the overall investment in the Open Market Shared Equity Scheme over the next two years to £90 million.

The funding for the scheme will be available over the next two years for eligible buyers on low to moderate incomes who are looking to buy their first home.

Eligible buyers will be able to purchase a home by paying a majority share in it, while the Scottish Government provides the remaining amount which is secured under a security on the home.

The announcement comes after plans were unveiled last week to end the Right to Buy. This, the government says, will protect up to 15,000 social houses from sale over the next decade.

Speaking during a visit to a home in Cruden Estates’ Golspie Street development in Govan where the homeowner benefited from support from the Open Market Shared Equity Scheme, Housing Minister Margaret Burgess said: “People in Scotland who should rightly be able to afford a mortgage are still facing real challenges buying a home.

“This overall investment of £90 million over two years demonstrates our commitment to do all we can to help credit worthy buyers to buy their first home.

“Over the past four years this scheme has helped over 2,700 people on low to moderate incomes buy a home. And it has reduced pressure on the social rented sector through freeing up properties and reducing demand expressed through housing waiting lists.

“Last week we announced the end of Right to Buy – a decision that will help to protect social housing for future generations to enjoy. This Government remains absolutely committed to helping people buy a home and our shared equity schemes are helping – and will continue to help – thousands of people get a foot on the property ladder.”

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