WIREDGOV

War heroes could benefit from millions of pounds being invested in two schemes to help first time buyers get on the property ladder, Housing Minister Keith Brown announced recently.

The Scottish Government is pumping an extra £13 million into its shared equity schemes to allow people who would not otherwise be able to afford to buy their own home get on the housing ladder.

Buyers who successfully apply to use shared equity can purchase a home from a housing association, private developer or on the open market by paying a majority share in it and the Scottish Government pays the rest under an agreement which it enters into with the buyer.

Priority groups eligible to apply include people who rent a property from either a council or housing association, members of the armed forces and veterans. Widows, widowers and other partners of service personnel killed in action can also apply.

Mr Brown said:

“With mortgages harder to access, we are committed to doing all we can to help people on low to moderate incomes across Scotland get on the property ladder where this is affordable for them.
“These schemes also help our brave armed forces and veterans secure a roof over their heads. It is important that people who have served this country with distinction should have access to this type of assistance.
“Scotland’s house building industry has been through tough times. This investment offers good value for money for taxpayers and buyers and it also helps the economy by helping kick-start more house building and sustain construction jobs.

“As well as delivering at least 30,000 affordable homes over the course of this parliament, we are also helping people overcome the need for high deposits through our mortgage indemnity scheme, which will launch in the near future.”

John Gallacher, Managing Director of Cruden Estates Ltd said:

“We have led the way in mixed tenure and low cost affordable housing developments in Scotland and as a responsible developer, we understand the barriers faced by people on low incomes and the importance of high-quality, affordable housing for all.

“There is no doubt that the NSSE Developer Scheme has been successful in supporting Cruden as a developer, enabling many First Time Buyers to purchase their own homes and in our opinion is  fundamental in  affordable housing regeneration.”

Related information:

• Scottish Government’s Low-Cost Initiative for First time Buyers (LIFT) shared equity schemes