Tag: First Homes Fund

Improving lives across Scotland?

FM outlines progress made in first 100 days of government

Helping people with the cost of living, strengthening public services and growing the economy are the focus of policies delivered so far in the first 100 days of government, First Minister John Swinney has said.

Since appointing the Cabinet on 20th May, the Scottish Government’s action has included setting up the First Homes Fund to help first-time buyers with up to £10,000 support towards a deposit, investing in and expanding health and social care provision, and setting up initiatives to boost business.

Work is also underway on key commitments including expanding support for breakfast clubs, extending the £2 bus cap beyond the Highlands and Islands, the Welcome to School Bag which builds on the success of Scotland’s Baby Box and on mobile phones in schools.

First Minister John Swinney said: “From day one, this government has been focused on the issues that matter most to people across Scotland – helping people with the cost of living, making our public services like the NHS stronger, and supporting our economy to prosper. My government will deliver on its promises to the people of Scotland.

“In our first 100 days, we have taken decisive action to support these priorities. That includes investing £90 million to bring down NHS outpatient waiting lists, boosting the social care workforce and opening new GP walk-in services.

“Our First Homes Fund is helping first time buyers to get on the property ladder, and launching the £50 million Homelessness Prevention Fund will make sure fewer people reach the point of crisis.

“To support our economic growth, we have established the National Council for Economic Growth and set up a fund to support island business impacted by travel disruption.

“As we near the end of the first 100 days of this government, we will continue to deliver action that will help improve people’s lives – including launching the consultation on the food price cap and delivering more school breakfast clubs to help families with essential costs.

My Programme for Government will then set out how we build on the progress to go further in improving lives and delivering change to build a stronger,fairer Scotland.”

Scottish Government: Supporting people to buy their first home

Delivering further support for first-time buyers

A scheme to help people on low incomes and in priority groups buy their first affordable home has opened for applications.

The Open Market Shared Equity Scheme (OMSE) is available for first-time buyers and priority access groups who can’t afford the full price of a home. This includes social renters, disabled people, people aged 60 and over, members of the armed forces and veterans.

The scheme, along with the First Homes Fund, provides financial assistance to prospective homeowners and is part of the Government’s programme of action to provide affordable housing across the country.

Cabinet Secretary for Social Justice and Housing Shirley-Anne Somerville said: “This Government is delivering on affordable housing and this scheme, along with our First Homes Fund, will provide a vital support for those looking to buy their first home.

“We know how hard it is to get that first foot on the property ladder – our shared equity schemes assist households who can sustain mortgage repayments but find it difficult to accumulate the necessary savings to secure a purchase. 

“I encourage everyone who is eligible and looking to buy a home to apply to these schemes. Giving more people the chance to buy an affordable home also plays a crucial role in reducing homelessness and eradicating child poverty across the country.”

The Open Market Shared Equity Scheme (OMSE) is open for applications. It is a shared equity scheme designed to help eligible buyers on low-to-moderate incomes purchase a home on the open market by funding a percentage of the price (usually 60% to 90%) while the government holds the remaining equity stake.

The First Homes Fund was introduced by the Scottish Government in June this year. This offers a £10,000 contribution to first-time buyers that struggle to save enough for a full deposit.

First Homes Fund open by end of June

50,000 first-time buyers supported in this parliament

The first round of applications for a First Homes Fund will open by the end of June, providing first-time buyers with a £10,000 contribution towards a deposit on their first home.

The shared-equity scheme will be open to all prospective owners looking to make their first step on to the property ladder, with a limit of £300,000 on the value of the property purchased.

It is expected the first phase of the fund will support 2,000 households over the first 100 days of this Government and 50,000 over the course of this Parliament.

Cabinet Secretary for Social Justice and Housing Shirley-Anne Somerville confirmed the scheme’s opening to the Scottish Parliament yesterday.

Ms Somerville said: “For too many people across Scotland, particularly younger people and first-time buyers, home ownership has felt increasingly out of reach. In communities the length and breadth of our nation, we are hearing the same story; people saving what they can but finding that the cost of a deposit is simply too great a barrier.

“That is the context in which this Government will act. This is a direct response to the experience of people across Scotland. We have listened and are taking fast, decisive action.

“The Fund sits within a broader programme of action and supported by a record £4.9 billion investment in affordable housing over the next four years.

“We promised we would support first time buyers and we are delivering.”