Help for low-income households to buy a home

New Supply Shared Equity scheme, Open Market Shared Equity scheme.

If you want to buy a home but cannot afford one on the open market, you may be able to share the cost with the Scottish Government.

Through the 2 shared equity schemes available in Renfrewshire, you would buy a home by paying for most of it yourself, with the Scottish Government paying for the rest.

You would have full ownership of the home, but you would have to repay the equity stake held by the Scottish Government if you ever chose to sell the home.

This helps you on the way to owning your own home without having to fund it all yourself.

There are 2 schemes that can help you buy a home through shared equity:

New Supply Shared Equity scheme

What it is

Through the New Supply Shared Equity (NSSE) scheme, you may be able to buy a new-build home from a housing association without having to fund the entire cost.

You'll pay the biggest share of the home's cost, usually between 60% and 80%. The Scottish Government will pay for the rest under a 'shared equity agreement'.

For example, if you pay for 70% of the home, the Scottish Government will pay for a 30% share. If you want, you'll usually be able to buy a bigger share later on.

Your name will be on the title deeds for the home, 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.

Who can get it

The NSSE scheme is available across Scotland to first-time buyers and people from these 'priority access' groups:

people aged 60 and over
social renters - people who rent from the council or a housing association
disabled people
members of the armed forces
veterans who have left the armed forces within the past 2 years
widows, widowers, and other partners of service personnel for up to 2 years after their partner lost their life while serving.

The NSSE scheme is also available to people who have previously owned a home and have had a significant change in circumstances, such as a marital breakdown.

How to apply

Contact a housing association directly to ask them if they have any homes available through the NSSE scheme.

Open Market Shared Equity scheme

What it is

Through the Open Market Shared Equity (OMSE) scheme, you may be able to buy a home that's for sale on the open market without having to fund the entire cost.

You'll pay the biggest share of the home's cost, usually between 60% and 90%. The Scottish Government will pay for the rest under a 'shared equity agreement'.

For example, if you pay for 70% of the home, the Scottish Government will pay for a 30% share. If you want, you'll usually be able to buy a bigger share later on.

Your name will be on the title deeds for the home, 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.

The OMSE scheme is only available for homes within set price limits:

1 bedroom / 2 apartment - £65,000
2 bedrooms / 3 apartment - £80,000
3 bedrooms / 4 apartment - £105,000
4 bedrooms / 5 apartment - £135,000
5 bedrooms / 6 apartment - £240,000

Here, 'apartment' refers to habitable rooms, including bedrooms, living rooms, dining rooms, and box rooms. It does not include kitchens, bathrooms, or conservatories. For example, a 3-apartment home could have two bedrooms and a living room.

Who can get it

The OMSE scheme is available across Scotland to first-time buyers and people from these 'priority access' groups:

people aged 60 and over
social renters - people who rent from the council or a housing association
disabled people
members of the armed forces
veterans who have left the armed forces within the past 2 years
widows, widowers, and other partners of service personnel for up to 2 years after their partner lost their life while serving.

How to apply

In Renfrewshire, the OMSE scheme is run by Link Housing Association (non-council website). Contact them directly to ask them about the scheme:

phone 03451 400 100
email csc@linkhaltd.co.uk.

Renfrewshire Council