FTB scheme gets additional funding

Posted: 13 Oct 2011 14:19:41 GMT

The Open Market Shared Equity scheme is being given an extra £4.65 million.

First-time buyers (FTBs) in Scotland could be set to benefit as a result of a cash injection into a FTB-focused scheme.

Housing minister Keith Brown has announced the Open Market Shared Equity (OMSE) initiative is to be handed an additional £4.65 million to help individuals on low income get their foot on the first rung of the property ladder.

The OMSE is part of the Low-Cost Initiative for First Time Buyers programme - a set-up that has helped more than 5,600 people enter the housing market to date.

This additional funding serves to almost double the OMSE budget - from £4.75 million to £9.4 million - and could result in around 250 more FTBs being helped into home ownership.

Mr Brown - who spent 15 years working in Stirling as a local government professional - said of the Scottish government's continued support of such projects: "This will benefit not only those potential new homeowners, but will also help the Scottish housing market."
 

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