Projects

New Supply Shared Equity Scheme

New Supply Shared Equity Scheme

This scheme is similar and can also help owners affected by a regeneration initiative.  The Scottish Government will fund the difference between what an owner is able to raise and the cost of buying a new build home. The Scottish Government will hold an equity stake in the new property based on their financial contribution.

If there is sufficient demand the Association will consider building new housing for shared equity sale as part of the redevelopment in Crombie.

You must offer the heritable value offered from the Housing Association plus 90 percent of any savings you hold over £5,000

For more details please call Kerry Anne Westerman at our office on 01383 606162

If you decide to purchase a new build unit in Crombie or elsewhere a temporary housing solution will be required whilst your existing house is demolished and a new house constructed.

It is unlikely your new house would be built in the same location as your old house and it will not be possible to maintain your existing garden.    

Shared Equity owners have full title to the property just like any other homeowner. There is no interest or rent payable on the Scottish Governments equity stake.

You will have the option to increase your equity stake or buy the property outright if you wish.

Worked example
New Property Purchase Price		£100,000
Housing Association Offer for your house	£60,000
Personal Contribution (90% of £5,000)	£4,500
Expected Contribution from Owner	£64,500
Balance Funded by Scottish Government		£35,500

 

Owners Equity Stake will be 64.5%

 

The Scottish Government would hold a 35.5% equity stake in the new property.