Scottish Government relaunches shared equity scheme for first-time buyers

The Open Market Shared Equity (OMSE) scheme is available across Scotland to first-time buyers on low or medium incomes who cannot afford the full price of a home.

Successful applicants will be able to buy a home without having to purchase it in full, usually between 60% and 90% of the property’s value, with the Scottish Government owning the remaining share.

Social Justice Secretary Shirley-Anne Somerville said: “Taking the first step on to the property ladder can be difficult for some, especially during the cost of living crisis where we have seen inflation and interest rates push house prices up.

“We recognise that and by reopening the OMSE scheme we are giving help to as many people as possible to own an affordable home by creating a level playing field with other buyers.

“I would encourage anyone who is either a first-time buyer or in one of the priority groups to consider applying through the scheme.”