The Open Market Shared Equity Scheme (OMSE) is available for first-time buyers and priority access groups who can’t afford the full price of a home, including social renters, disabled people, people aged 60 and over, members of the armed forces and veterans.

Designed to help eligible buyers on low-to-moderate incomes purchase a home on the open market, the scheme will fund a percentage of the price (usually 60% to 90%) while the government holds the remaining equity stake.

The scheme, along with the First Homes Fund, provides financial assistance to prospective homeowners and is part of the government’s programme of action to provide affordable housing across the country.

Cabinet secretary for social justice and housing Shirley-Anne Somerville said: “This government is delivering on affordable housing and this scheme, along with our First Homes Fund, will provide a vital support for those looking to buy their first home.

“We know how hard it is to get that first foot on the property ladder - our shared equity schemes assist households who can sustain mortgage repayments but find it difficult to accumulate the necessary savings to secure a purchase. 

“I encourage everyone who is eligible and looking to buy a home to apply to these schemes. Giving more people the chance to buy an affordable home also plays a crucial role in reducing homelessness and eradicating child poverty across the country.”