“I am delighted that the SNP Scottish Government can help 5000 home buyers into affordable home ownership in the coming financial year”, said Stuart McMillan MSP.
More than £160 million of new funding will be targeted in 2016/17 on home ownership schemes to support 5000 households to buy their own home.
More than £80 million will go to the Open Market Shared Equity Scheme (OMSE) helping up to 2,000 eligible first-time buyers on low to moderate incomes. The Help to Buy (Scotland): Affordable Home Ownership scheme will help up to 3,000 households next year, backed by £80 million equity support towards the purchase price.
The three year £195 million Help to Buy scheme, which will help thousands of lower income households buy a new-build home, will open for applications on March 1.
Social Justice Secretary Alex Neil said:
“This new funding, which is £35 million more than originally planned for this year, is specifically targeted to support thousands of low income individuals and families across Scotland get on or up the housing ladder.
“Through Help to Buy, we have already helped 7,500 households buy a new build home and over the next three years our successor Help to Buy Scheme will help another 7,500 as well as boosting the home building industry, and support jobs across Scotland.
“Homes for Scotland and the Council of Mortgage Lenders expressed clear views about how Help to Buy should be improved. We have listened carefully to what they told us and worked with them to develop the scheme to support industry and buyers as much as possible.”
Stuart McMillan MSP added:
“Since 2007, OMSE has helped over 6,000 first time buyers who would not otherwise be able to afford to buy their first home to get a foot on the housing ladder; and this year we will help another 2000.
“The funding is also good news in particular for the SME sector of the housing industry. Hundreds of small developers will benefit from people buying new affordable homes across urban and rural Scotland.”
House builders may register to apply to the Help to Buy scheme from January 21, 2016.
More information about Help to Buy, including purchasing price limits, is available at: http://www.gov.scot/htb
For OMSE, priority access is provided to social renters, disabled people, members of the armed forces, veterans who have left the armed forces within the past two years, and widows, widowers and other partners of service personnel for up to two years after their partner has been killed while serving in the armed forces. http://www.gov.scot/Topics/Built-Environment/Housing/BuyingSelling/lift/FTBOMSEP