Funding scheme to help first time buyers on property ladder doubles in value

FUNDING for a multi-million pound scheme to help first time buyers get on the property ladder has doubled, the Scottish Government announced today.

The budget for the open market shared equity scheme has been increased from more than £10 million to over £20 million, the cabinet secretary for Infrastructure and Capital Investment Alex Neil has said.

The scheme lets buyers pay for between 60 and 90 per cent of their home, with the Scottish government funding the remaining amount by taking an interest-free equity stake.

Mr Neil said: “Many first time buyers may not be able to afford a large deposit to help them buy their first home.

“That is why we are doing all we can to help people on low to moderate incomes across Scotland get on the property ladder where it is affordable for them.

“Doubling the funding for our shared equity scheme means that all first time buyers can now apply. It is good news for households and families.”