First Minister confirms £70 million for first time buyers

OMSE scheme means ‘ome, sweet ‘ome’ for Scots first timers!

£70 million will be invested in a scheme to help eligible first-time buyers on low to moderate incomes buy a home, First Minister Nicola Sturgeon confirmed today.

The Scottish Government’s Open Market Shared Equity Scheme (OMSE) provides assistance to eligible buyers in the form of an interest free loan.

Eligible buyers are normally required to purchase between 60 per cent and 90 per cent of the value of a home within certain price thresholds that is for sale on the open market.

During a visit to Alloa The First Minister and Social Justice Secretary Alex Neil visited the home of Craig and Jude Deacons who purchased a home with assistance from the scheme.

Ms Sturgeon said: “”We want to help today’s generation of young people to access home ownership where this is sensible and sustainable for them.

“This scheme will have a huge impact on people’s life chances and will help them make a move from living in the social rented sector, the private rented sector or residing in the family home.’

“We will do all we can, within our powers and our resources, to help people like Craig and Jude get a foot onto the housing ladder”.

Jude Deacons said: ““Craig and I are grateful for the scheme as it has allowed us to secure a great first home fit for our family life.

“We got married in 2009 just as the housing market changed significantly. We were unable to buy our first home as we had no way of securing the sizeable deposit required, despite both being in full time employment.

“As both of us were first time buyers the OMSE scheme allowed us to purchase a house fit for purpose to accommodate our two children.

“Another benefit to the OMSE scheme was that we could look at all homes and not just new builds. This opened up more choice with regards to purchasing the right home for us.”

Social Justice Secretary Alex Neil said: ““The Open Market Shared Equity scheme has not only helped people to buy their first home, it has also helped ‘second-steppers’ to be able to sell their home and to move to a new property.

“The scheme has also helped free up houses in the social rented sector and it will continue to provide priority access to social renters, disabled people, serving members of the armed forces and veterans’.”