COVID-19 - We are open for business and here to help ->
Call Switch Board 01786 235 235
Call Tillicoultry 01259 753 330
1 minute reading time (261 words)

Further Funding for Open Market Shared Equity Scheme

The Scottish Government have announced further funding for the Open Market Equity Scheme in the hope that it will provide first-time buyers with more support when getting on the property market.

On the 4 November 2015 Scottish Government announced an additional £10 million has been pledged to support the fund which helps those most in need of a move. The additional support from the Scottish Government comes after £70 million was put in the find in March this year.

Open Market Equity Scheme

The scheme aims to aid those most in need of property granting priority access to First Time Buyers, Social Rented Tenants, Armed Forces Personnel and Veterans and Disabled applicants. It grants them priority access to properties that are for sale on the open market where it is affordable for them to do so. Using the scheme, buyers must take an equity stake of 60% in the property, with the maximum amount being 90%.

Through applying for the scheme, applicants can receive an interest-free loan of up to 40% of the purchase price of the property. While the benefits can be exceptionally beneficial to those the scheme applies to, there are limits in place to ensure that the properties available under the scheme do not exceed a threshold that is infeasible for a first time buyer.

Contact Us

If you require legal advice regarding purchasing a property or if you wish to speak to one of our solicitors about applying to be on the  Open Market Equity Scheme contact our expert property solicitors today using our online contact form.

Study Reveals Rise in Workplace Bullying
Extension to Same Sex Marriage Legislation

Related Posts

Please note that watersrule solicitors ARE NOT registered to provide Legal Aid or other types of Legal Financial Assistance.

Get in touch

We always aim to reply within 24 hours

Please let us know your name.
Please let us know your email address.
Please let us know your phone number.
Please let us know your email subject.
Please let us know your message.