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There has been good news in the mortgage market this week. A few lenders brought in some affordability improvements, and we have seen fixed-rate reductions. In particular, the Scottish Government have announced some significant enhancements to their Open Market Shared Equity Scheme (OMSE), and the threshold has been raised by 9% to reflect rising house prices.
Potential scheme users have previously been hindered by unrealistically low property price thresholds and an inability to offer over the home report value for a property. Now, those who qualify for this shared equity scheme can benefit from considerable increases in the property thresholds and be able to pay over the home report value too.
Commenting on these improvements, our Senior Broker and Technical Manager Ian Angus-Felton said, "These are fantastic changes, and it means more of the people who qualify for the OMSE scheme can make use of it and make their dream of home ownership a reality".
As part of the OMSE Application process, it is necessary to take Independent Mortgage advice. At Greenshoots Financial, we have many years of experience supporting those who desire to buy their own home with the help of shared equity schemes.
The scheme allows people to buy a home without funding its entire cost. Instead, buyers pay for the most significant share, which sits between 60% and 90% of the property's cost, while the Scottish Government holds the remaining share under a shared equity agreement.
The scheme is open to first-time buyers (FTBs), people aged 60 and over, social renters, disabled people, members of the armed forces, veterans who have left the armed forces within the past two years, and widows, widowers and other partners of service personnel for up to two years after their partner lost their life while serving.
Contact us today to see how we can help you.
Further information regarding the Open Market Shared Equity Scheme can be found here.