Hooray, some promising news for aspiring homeowners in Aberdeen city and shire! The Scottish Government’s Open Market Shared Equity (OMSE) scheme has reopened its doors, offering a fantastic opportunity for first-time buyers and specific priority groups to help them step onto the property ladder.
What is the OMSE Scheme?
The OMSE scheme provides support for those on low to medium incomes who may struggle to afford the full purchase price of a home on the open market. Successful applicants can buy a property for a share of its value, typically between 60% and 90%, with the Scottish Government holding the remaining share. This reduces the upfront mortgage requirement, making homeownership a more attainable goal.
Benefits of the OMSE scheme:
- Reduced deposit requirement: A significant advantage of the OMSE scheme is the lower deposit needed compared to a traditional mortgage. This frees up valuable capital and makes homeownership more accessible.
- Increased affordability: With a smaller mortgage needed, monthly repayments become more manageable, allowing you to comfortably budget for your new home.
- Open market choice: Unlike some government-backed schemes, OMSE allows you to choose a property that suits your needs and preferences from the wider housing market.
Who is eligible?
The OMSE scheme offers support to a variety of individuals and groups, including:
- First-time buyers
- Individuals aged 60 and over
- Social renters (council or housing association tenants)
- Disabled people
- Members of the Armed Forces
- Veterans who have left the Armed Forces within the past two years
- Widows, widowers, and bereaved partners of service personnel (up to two years after their partner’s death while serving)
Important considerations:
While the OMSE scheme offers undeniable advantages, there are some factors to keep in mind:
- Shared ownership: The Scottish Government retains a share of your property, impacting future sale value and requiring permission for certain modifications.
- Eligibility criteria: Applicants need to demonstrate a need for the scheme and meet income thresholds set by the Scottish Government.
Taking the next steps
Buying property is likely the single most expensive investment you’ll make, and it can feel overwhelming – especially for first-time buyers.
With 15 years experience in the Aberdeen city and shire property markets, we’re here to guide you through your sales and buying journey, including independent advice from our mortgage experts. Laura, Ali and the full team are on hand in our Aberdeen and Inverurie offices – as well as over the phone or via email – to discuss your specific circumstances and property goals. We’d love to help, so please get in touch.
Click here to learn more about the OMSE scheme.
Click here to view our homes for sale.
Aberdeen: 01224 218450 | Inverurie: 01467 530591
Aberdeen: aberdeen@northwooduk.com | Inverurie: aberdeenshire@northwooduk.com
207-211 Rosemount Place, Aberdeen, AB25 2XS | 23 West High Street, Inverurie, AB51 3SA
