What is shared equity?
Shared equity means that the Scottish Government will keep a financial stake in the property so you do not have to fund all of it. You will pay for the majority share in the property – normally between 60 and 80 per cent of the price – and the Scottish Government will hold the remaining share under a shared equity agreement which they will enter into with you. You will own the property outright but the interests of the Scottish Government will be secured by a mortgage (or a ‘standard security’ as it is known in Scotland) on that property. Who is it for? OMSEP mainly aims to help first-time buyers. But it can help others too. For example, it may be able to help you if you are looking for a new home after a significant change in your household circumstances or if you have a disability and own a house which doesn’t suit your needs. If you currently own your home or part-own a property, you will need to sell your interest in that property at the same time that you buy a home through the OM
