The Scottish Government’s Open Market Shared Equity (OMSE) scheme is now paused for new applications, following huge demand for First Time Buyers and other eligible priority groups throughout Scotland.
The OMSE scheme, part of the Scottish Government Low-Cost Initiative for First Time Buyers (LIFT scheme) is designed to give people a bit of help to get onto the property ladder, but now the scheme is paused, many first-time buyers are wondering what other options there are to help make their home buying dreams a reality.
Options for First Time Buyers
Let’s take a look at other options out there to make owning your own home more achievable:
Accord £5k Deposit Mortgage
Accord Mortgages, a lender whose products are only available through intermediaries like First Mortgage, launched a £5k Deposit Mortgage earlier this year. This mortgage is available to First Time Buyers only and is a fantastic, innovative product designed to help those people with a good credit score and income, but who struggle to save a large deposit.
It’s a 5-year fixed rate product available for House purchases above £100k up to £500k (max. 99% LTV).
If this sounds like something that could help you open the door to your first home, book an appointment with your local branch here.
Own New – Rate Reducer
This innovative product, exclusively available through selected mortgage advisors like First Mortgage at certain new build home developments, uses contributions offered by the homebuilder to reduce the interest rate on your mortgage by up to 3.19%, resulting in savings to your monthly mortgage payments for the first 2 to 5 years.
Own New – Rate Reducer is available to both First Time Buyers and existing homeowners.
To find out if you could be eligible for this product, call our specialist New Build Team on 0141 473 4900.
First Time Buyer Experts
We love First Time Buyers. We help thousands of people get onto the property ladder every year. Our free, personalised mortgage advice has over 25,000 5-star reviews, and we are passionate about making sure we always find the right mortgage product for you. Your dedicated team will explain every step of the home buying process to you… and we even do all the paperwork!
With branches across the country, our teams are also local experts who can advise on the best areas to start looking, and let you know what other help might be available to help you on the property ladder.