The shared equity scheme, similar to HomeBuy in England and Wales, is part of the government’s ‘Low-cost Initiative for First-Time Buyers’ (LIFT) scheme and will allow first-time buyers (FTBs) on low incomes to purchase a percentage of the property, with a housing association funding the rest as an equity loan.
Speaking at the Building Homes for Scotland event, Stewart Maxwell, Communities Minister, said:
“The Scottish government is committed to increasing the supply and availability of affordable housing across all tenures, throughout the country.
"This £24 million investment to expand our open market shared equity pilot will help more FTBs in rural and urban areas get into the property market.”
The initial pilot was held in Edinburgh and the Lothians but has now been extended to Aberdeenshire, Highland, Moray, Perth and Kinross and Stirling.
Carol Wright, media relations officer at Halifax, said: “According to our research, last year saw the lowest number of FTBs since the 1980s. Where possible, Halifax will support initiatives which help aspiring FTBs to buy a home and we already support a number of shared equity schemes.
"Assuming that the LIFT scheme meets our set criteria for shared equity schemes, we will happily support and welcome this initiative.”
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