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.
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.
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.