Government shared equity scheme doubled to £20m

A SCOTTISH Government scheme which helps people on to the housing ladder is being opened to all first-time buyers after its funding was doubled.

The budget for the open market shared equity scheme has been increased from around £10 million to around £20m.

Previously only open to some groups such as veterans and members of the armed forces and those renting a council or housing association home, it is being expanded to accept applications from everyone looking to buy their first property.

The scheme helps people buy any home for sale on the open market, of which they can take an equity stake of between 60 per cent and 90 per cent. The government then funds the
remainder, by taking an interest-free equity stake.

It is part of the government’s low-cost initiative for first-time buyers.