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First-time home buyers scheme

Tuesday March 3rd 2015

Colin Beattie, MSP for Midlothian North and Musselburgh, today welcomed yesterday’s announcement of £70m to be invested in a scheme for eligible first-time home buyers. 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.

CB said: ‘This is great news for first-time buyers. It’s never been harder to get on the housing ladder and I warmly welcome this investment.

‘Since the credit crunch banks have become more reluctant to lend mortgages to young people, and saving up for a deposit can be a real struggle in this day and age.

‘This funding will no doubt make a real difference to first-time buyers throughout Midlothian and East Lothian, and is further evidence of the Scottish Government’s commitment to building a strong society and economy.’

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