First time buyers can have up to 40% of the value of their new home paid, in an initiative currently available on the Stirling Bridge development in the Raploch area of Stirling, specifically aimed at helping them into the property market.

The Open Market Shared Equity Pilot is a shared equity scheme managed by Link Homes, part of the Link Group, and backed by Scottish Government funding which allows would-be homeowners to pay between 60 and 80% of a property's value. The remaining 20 to 40% is made up by the scheme's funding. The scheme is part of the Low-cost Initiative for First Time Buyers (LIFT).

It means that a first time buyer considering a one bedroom apartment at the Stirling Bridge development in Raploch might only need to cover £49,200 of the £82,000 asking price, or could purchase a two bedroom apartment for £57,000 of the £95,000 asking price*.

Another benefit of the scheme is that when the homeowner decides to sell the property they take the profit on the equity stake they funded - if the property has increased in value.

The scheme is suitable for purchasing a brand new home in Raploch, provided by developer R3 (George Wimpey / Cruden Homes partnership) as part of the area's £120m regeneration. Properties available include 1 and 2 bedroom apartments as well as 4 bedroom detached homes.

Bob Laverty, Raploch URC Chief Executive, said: "We are hopeful that this initiative will assist local people to take advantage of the funding available through the Scottish Government's shared equity scheme."

Minister for Housing and Communities Alex Neil said:

"The Scottish Government is committed to increasing the supply of affordable housing across all tenures and we are investing record sums to support this - £644 million over three years.

"The use of open market shared equity in Raploch and across Scotland is one way of supporting the housing market and our work to help families, households and businesses in these difficult economic times."

Craig Sanderson, Chief Executive of Link Group, said: "We have been running the LIFT programme in a number of areas since its launch in January 2008. Demand for it has been exceptional, with more than 350 people buying a home through the scheme to date.

"We're certain that OMSEP will be popular in Raploch, providing more access to affordable housing and greater support to first time buyers while helping to stimulate the housing market."

This financial support provided by the Scottish Government gives first time buyers a fantastic opportunity to purchase their first home. Suzanne Granger, R3 project manager, adds: "As the shared equity funding is available at no cost to the purchasers, first time buyers have a real chance of getting their foot on the ladder, and it's often that first step that is the most difficult. Also as the initiative has the option in the future for purchasers to increase their equity stake, through time the purchaser can increase their share to 100%."

The Raploch URC is two years into a ten-year project which will create 900 new homes, 225 training and job opportunities, infrastructure and public realm works by using a pioneering approach to involve both local people and the public and private sectors to regenerate the area.

During the ten-year regeneration project, R3 will build approximately 650 homes for sale on behalf of the Raploch URC as well as approximately 250 social rented homes for Forth Housing Association.

* - subject to the meeting the requirements of the scheme, as tested by Link Homes. Buyers are also responsible for paying for any legal, valuation and mortgage arrangement costs associated with their purchase.

To find out more about the LIFT Open Market Shared Equity Pilot, contact Link Homes on 0845 155 0019.