Buying a home can feel like a distant goal when property prices are rising faster than you can save for a deposit. But for some Scottish buyers, the Open Market Shared Equity (OMSE) scheme could provide another route to home ownership.
The Scottish Government scheme is designed to help people who may be able to afford a mortgage but cannot afford the full purchase price of a home on the open market.
So, how does it work?
Put simply, the Scottish Government can help you buy a home by taking an equity share in the property, meaning you don’t necessarily need to fund the entire purchase price yourself.
The Scheme is open to first-time buyers, as well as several priority groups, including people aged 60 and over, social renters, disabled people, members of the Armed Forces and certain veterans and bereaved service partners.
Could it make a difference?
For someone struggling to bridge the gap between their savings, mortgage and price of a suitable home, shared equity could make purchasing a property more achievable. Of course, buying a home is a major financial commitment and there are eligibility requirements and rules to understand before deciding. The OMSE scheme isn’t right for everyone, but it is certainly worth knowing about if you’re considering taking that next step.
Find out more about the scheme and the latest eligibility information on Open Market Shared Equity scheme – mygov.scot
