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Government in big to help home buyers in Cumbernauld as part of Scottish scheme

Written by Scott Campbell.
Published at 10:19 GMT on Thursday, July 11th, 2013.

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Scottish Government increases help from home buyers by £60m. Image is copyright of Scott Campbell/ Cumbernauld Media.

HOPEFUL property virgins, in Cumbernauld, who are desperate to purchase their first home, are set to benefit from a £60 million funding boost, announced by the Scottish Government, this week.

Scots all over the country will be helped onto the housing ladder by the Scottish Government after Housing Minister Margaret Burgess announced a with a £62 million funding boost for the Open Market Shared Equity Scheme.

The funding will be available over the next two years and will be made available to eligible buyers on low to moderate incomes who are looking to buy their first home. This increases the overall investment in the scheme over the next two years to £90 million.

As part of the deal, those who are deemed to be eligible buyers will be able to purchase a home by paying a majority share in it, while the Scottish Government provides the remaining amount which is secured under a security on the home.

The announcement comes after plans were unveiled last week to end the Right to Buy, by Deputy First Minister Nicola Sturgeon, in a move to protect up to 15,000 social houses from sale over the next decade.

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Speaking during a visit to a home in Cruden Estates’ Golspie Street development in Govan where the homeowner benefited from support from the Open Market Shared Equity Scheme, earlier this week, Mrs 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 £90 million over two years demonstrates our commitment to do all we can to help credit worthy buyers to buy their first home.

“Over the past four years this scheme has helped over 2,700 people on low to moderate incomes buy a home. And it has reduced pressure on the social rented sector through freeing up properties and reducing demand expressed through housing waiting lists.

“Last week we announced the end of Right to Buy – a decision that will help to protect social housing for future generations to enjoy. 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.”

Link Group Chief Executive, Craig Sanderson said: “Having been involved in the administration of the OMSE scheme since its inception, we have considerable experience of the most positive effect this programme is having on the lives of so many who could otherwise have not been able to secure affordable home ownership. I therefore welcome and applaud this additional funding support from the Scottish Government.’

Managing director of Cruden Estates, John Gallacher, added:  “Schemes like OMSE are beneficial for buyers and housebuilders alike. At Cruden Homes we’ve made a point of advising potential buyers who are concerned about affording a mortgage that there are options open to them through such Scottish Government schemes. This has allowed us to continue to build and sell homes for the First Time Buyer market as well as established buyers.”

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