Open Market Shared Equity Scheme (OMSE)

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scheme could be right for you!

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The Open Market Shared Equity scheme aims to help first time buyers on low to moderate incomes who wish to purchase a home on the open market but cannot afford to pay the full market price for a property. 

Grampian Housing Association administers the scheme in Aberdeen City, Aberdeenshire and Moray.

The applicant pays for the majority share (normally between 60% - 90%, based on their income) with the Scottish Government helping to fund the remainder of the price of the property through a 19 year equity loan.  There are, however, limits set on the prices based on the size of the property and area as follows:-

 

OMSE Thresholds 2014

AREA

APT SIZE

THRESHOLD

Min Share
60%
Max Share
90%
 

Aberdeen City

2

£95,000

 £57,000   £85,500

 

3

£125,000

 £75,000  £112,500

 

4

£140,000

 £84,000  £126,000

 

5

£185,000

 £111,000  £166,500

 

6

£250,000

 £150,000  £225,000

 

 

 

   

Central Aberdeenshire

2

£120,000

 £72,000  £108,000

 

3

£155,000

 £93,000  £139,500

 

4

£170,000

 £102,000  £153,000

 

5

£210,000

 £126,000  £189,000

 

6

£250,000

 £150,000  £225,000

 

 

 

   

North Aberdeenshire

2

£75,000

 £45,000  £67,500

 

3

£100,000

 £60,000  £90,000

 

4

£115,000

 £69,000  £103,500

 

5

£155,000

 £93,000  £139,500

 

6

£200,000

 £120,000  £180,000

 

 

 

   

South Aberdeenshire

2

£110,000

 £66,000  £99,000

 

3

£150,000

 £90,000  £135,000

 

4

£175,000

 £105,000  £157,500

 

5

£220,000

 £132,000  £198,000

 

6

£250,000

 £150,000  £225,000

 

 

 

   

Moray

2

£80,000

 £48,000  £72,000

 

3

£100,000

 £60,000  £90,000

 

4

£120,000

 £72,000  £108,000

 

5

£150,000

 £90,000  £135,000

 

6

£195,000

 £117,000  £175,500

[1]The apartment size of a property means the number of rooms, but does not include kitchens or bathrooms. For example, a flat with 2 bedrooms and 1 living room would be a 3 apartment property.

The initiative not only aims to help first-time buyers but those with a disability or those looking for a new home after a significant change in circumstances.

After the initial purchase owners can proceed to buy the property outright after a two year period or to increase their stake. Owners cannot reduce their share.

Owners are fully responsible for all maintenance, insurance and repair costs as well as mortgage repayments and council tax.

For further information please contact the Sales Co-ordinators on 0800 121 44 96.