Through the OMSE scheme you'll be able to buy a home without having to fund its entire cost and will get help from the Scottish Government.
You'll pay for the biggest share which is usually between 60% and 90% of the home's cost. The Scottish Government will hold the remaining share under a shared equity agreement which it will enter into with you.
For example, if you pay for 75% of the home, the Scottish Government will help with 25% of the purchase price.
You'll have 'complete title' to your home and your name will be on the title deeds for it. But there will be a mortgage (or 'standard security') on the home to make sure the Scottish Government's share is protected.
It also means that if you ever choose to sell the home, the Scottish Government will get a share of the money.
When you buy through the OMSE scheme you have 'complete title' to your home.
This means you have the same responsibilities as every other homeowner. You'll be responsible for:
- paying your mortgage
- home contents insurance
- building insurance
- repairs and maintenance
- council tax
- heating, lighting and water bills
- fittings and furniture
Before you buy a house, the seller will give you a Home Report. You should look closely at this to make sure you can pay for any repairs which are needed.
How to qualify
Since the OMSE scheme is aimed at households with low to medium incomes, the organisation who administers the scheme in your area will assess your application to see if you qualify.
You need to be able to show that you cannot afford to buy a home that meets your needs without help from the OMSE scheme. If it looks like you'd be able to buy a home without any help, your application will not be eligible.
Maximum price thresholds
You cannot buy a home for more than a certain 'maximum threshold' price.
There are different threshold prices across Scotland. So before you apply to buy through the OMSE scheme make sure the home falls under the threshold price for that area.
The threshold prices are set by apartment sizes. The apartment size means the number of habitable rooms in the home. This does not include:
- box rooms
- utility rooms
- glass conservatories
To count as an apartment the rooms should be completely separated by a divider and should have a space no wider than a doorway between them. An open plan room, for example a room that has an arch splitting two spaces, is counted as one apartment.
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