Alex Neil, the Cabinet Secretary for Infrastructure and Capital Investment, announced that the budget for the Open Market Shared Equity Scheme has been doubled from more than £10m to more than £20m.
And where previously only priority groups, including armed forces veterans, were eligible to apply for assistance, the scheme is now open to all first-time buyers.
-- Advertisement --
The scheme lets people pay for between 60 and 80 per cent of their home. The government funds the remaining amount by taking an interest-free equity stake.
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. All this action helps the economy by kick-starting more house building and sustaining substantial numbers of construction jobs."
(NE)
