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The Scottish Government has expanded its Open Market Shared Equity Pilot scheme, offering a new route into home ownership for first time buyers.  

The scheme, which was originally restricted to 10 councils, is now available throughout Scotland and funding has been increased funding to £60 million. It is expected to help around 1,500 households to buy this year. 

The scheme is designed to help people on low to moderate incomes buy an affordable home where that is sustainable for them. Through the Open Market 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 taking an interest-free equity stake.

The buyer does not pay any charges on the equity stake, but pays the Scottish Government a proportion of the sale price at the time of sale, or earlier if they wish.

Minister for Housing and Communities, Alex Neil claimed that the scheme would help first time buyers and the wider property market: "This scheme will help first time buyers across Scotland to access the housing market.  It will also help people who are struggling to sell their homes in the current climate by stimulating sales of properties in local housing markets. It will provide a small, but much needed boost to house sales in a number of areas across Scotland."