SNP hail cash boost to help first-time buyers

First-time buyers are being helped on to the housing ladder thanks to a cash boost of over £10m to the Open Market Shared Equity Scheme.

Cabinet Secretary for Infrastructure and Capital Investment Alex Neil announced the Scottish Government has doubled the funding that will allow first-time buyers to submit applications, as previously only priority groups were eligible.

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 wishing to purchase their first home and also helps second-steppers who wish to move home."

Infrastructure and Capital Investment Committee member Aileen McLeod hailed news of the Scottish Government’s extra cash.

The SNP MSP for South Scotland said:

“The Open Market Shared Equity Scheme is a fantastic programme that allows people to pay for between 60 to 90 per cent of their home, with the government funding the remaining amount.

“Thanks to this extra funding from the Scottish Government, first-time buyers will now be able to apply for the scheme, helping them on to the property ladder.

“This is the first time the scheme has opened up its criteria of eligibility, allowing more people to apply.

“The SNP Government is committed to helping people into the housing market for the first time, which is why it has doubled the fund.

“The New Supply Shared Equity Scheme and the New Supply Shared Equity with Developers Scheme are also assisting people to purchase their first home.

“Everyone should have a safe, warm home which they can afford and these schemes are helping to achieve that vision.

“While the UK Government is busy cutting budgets, the SNP is taking direct action to kick-start the economy through the extension of this scheme which will see more houses built and sustain substantial numbers of construction jobs.”