Scotland politics

Scottish government increases first-time buyers fund by £62m

Home buyers
Image caption The £62m cash injection promises to help first-time buyers

The Scottish government is to invest a further £62m to help first-time home buyers on low or moderate incomes.

Additional funding will be added to the Open Market Shared Equity Scheme and will be available over the next two years.

The scheme allows people to pay for between 60% and 90% of their home and the government funds the rest by taking an interest-free equity stake.

In the last four years, it has helped some 2,700 people.

After announcing the fund increase, Housing Minister Margaret Burgess said: "People in Scotland who should rightly be able to afford a mortgage are still facing real challenges buying a home.

"This overall investment of £90m over two years demonstrates our commitment to do all we can to help credit worthy buyers to buy their first home.

"This government remains absolutely committed to helping people buy a home and our shared equity schemes are helping - and will continue to help - thousands of people get a foot on the property ladder."

Last week plans were unveiled by the Scottish government to end the right of council tenants to buy their homes.

On Monday Deputy First Minister Nicola Sturgeon also said housing subsidies would be increased in an attempt to boost the number of affordable homes.

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