Ian McGrail, managing director of First Mortgage, said the scheme has provided some much needed good news for the Scottish market and praised it as a welcome funding boost for both existing and prospective homeowners.
Funding will be available over the next two years to both first time buyers and existing homeowners who are buying a new build home.
McGrail said: “With branches across the whole of Scotland we are encouraged by the overall uplift in enquiries of late and think that this announcement could not have come soon enough.
“We called to the Government last year to introduce a shared equity scheme of this nature and view this as a huge step forward for the Scottish housing market as a whole.”
“Furthermore, increased building and construction of new homes in areas such as Aberdeen, Dundee and Glasgow will work in conjunction with lower mortgage rates to deliver cost effective homes for young people wanting to get onto the property ladder.
“Buying a home is a big step and can be very scary if you are buying for the first time so be sure to come and pay us a visit in your local branch where you'll get all the help you need.”
The scheme has been compared to the Help To Buy Scheme in England which has recently received criticism from both the IMF and outgoing Bank of England chairman Sir Mervyn King due to fears it could artificially inflate house prices.
