LINK Group Ltd has been successful in its bid to administer the Scottish Government’s Open Market Shared Equity Scheme (OMSE) in central and southern Scotland for a further two years.
OMSE is part of a range of assistance from the Scottish Government under the Low-Cost Initiative for First Time Buyers (LIFT). Its aim is to assist people on low to moderate incomes to become homeowners where ownership is expected to be affordable for them over the long term.
Link administered the scheme up to March 2013 and successfully retained providing the service - with a 2 year potential extension - in the following areas:
Edinburgh, East Lothian, Midlothian, West Lothian, Scottish Borders, Fife, Angus, Clackmannanshire, Dundee, Falkirk, Perth & Kinross, Stirling, Glasgow, East Renfrewshire, Renfrewshire, East and West Dunbartonshire, Inverclyde, North and South Lanarkshire, North, South and East Ayrshire, Argyll & Bute and Dumfries and Galloway.
The scheme’s aim is to help first time buyers access homeownership across Scotland with priority access provided to people from within the social rented sector, serving members of the armed forces, veterans who have left the armed forces within the past two years, widows, widowers and partners of service personnel, and disabled people. Homeowners must buy between a 60 and 90 per cent stake in a property and the interests of the Scottish Government will be secured by a mortgage (or a ‘standard security’ as it is known in Scotland) on the property.
Link Group chief executive, Craig Sanderson, said: “Link will have a significant part to play in delivering Scottish Government targets in the near future, not only by administering OMSE but also by building more than 220 new homes in a wide range of locations during each of the next four years.’’