The Scottish Government has announced new funding for their Open Market Shared Equity scheme. This is a scheme where the government effectively provides an interest free deposit to first time buyers. The scheme is operated under the LIFT mortgage scheme administered by various housing associations on behalf of the Scottish Government. The scheme is aimed at first time buyers with low to moderate incomes – the idea being to help this group get on to the housing ladder. The extra funding of £62 million over two years was announced by Housing Minister Margaret Burgess. Mortgage broker Sandy MacFarlane of Caesar and Howie comments. “This is really good news. We already have bought houses for many clients under this scheme which is relatively straightforward to apply for. With the fact that renting property has become much more expensive over the last few years – many young folk will find it actually is cheaper to buy. And with the likelihood that house prices will start to increase again as the economy gradually improves – I think buying under this scheme will be a really good deal for clients. Actually we are already working flat out arranging LIFT mortgages – this will just make things even busier” To see if you qualify contact 01506 815900 and ask for a free consultation.