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Mortgage: Scottish first-time buyers' initiative gets an extra £4.65m

By Jonathan Dawes, Thu 13 Oct 2011 - Published in Mortgages

A scheme to help first-time buyers get onto the property ladder has been given additional funding, according to the Scottish government.

The Open Market Shared Equity (OMSE) initiative has received an extra £4.65 million to give those on low and moderate incomes a helping hand to purchase a property.

Furthermore, in the past four years the Low-Cost Initiative for First-Time Buyers, of which OMSE is a part of, has helped over 5,600 people buy a dwelling.

Housing minister Keith Brown said: "The Scottish government has already ploughed millions into a variety of shared equity schemes to help people get onto the property ladder as this will benefit not only those potential new homeowners, but will also help the Scottish housing market." 

The Bank of Scotland recently revealed that Midlothian has the country's youngest home buyers, with an average age of 27.

Its report highlighted that other areas with young purchasers in Scotland are Clackmannanshire, Fife, North Lanarkshire, Falkirk, West Lothian and East Dunbartonshire.