Cathcart’s MSP, James Dornan, has welcomed news of a Scottish Government cash injection to assist even more first time buyers in getting a foot on the property ladder. An extra £4.65million has been allocated to the Open Market Shared Equity (OMSE) Scheme to help those on low to moderate incomes into home ownership.
This additional funding allocation almost doubles the scheme’s budget from £4.75million to £9.4million and means that the Scottish Government can aim to help over 250 more first time buyers in Scotland buy their first homes.
Through the scheme, buyers can own a home, but only pay for a proportion of it - between 60 and 80 per cent of its value - with the Government funding the remainder through an interest-free equity stake.
Commenting on the news local MSP Mr Dornan said: "Millions of pounds have already been invested by The Scottish Government into shared equity schemes to help people get onto the property ladder and I am delighted to see this commitment continue.
"The Scottish Government understands that first time buyers are the engine room of the property market upon which many subsequent transactions rely.
“This is a vital and strategic move by the Scottish Government which serves to give first time buyers in Scotland and the Scottish property market a much needed boost.
For further information: www.scotland.gov.uk/LIFT