This is a form of low cost Home Ownership which allows the occupier to purchase a 25%, 50% or 75% share of a house built by the Association for this purpose and to rent the remaining percentage share from the Association. Occupiers can increase the share they own at any time that their financial circumstances enable them to do so. They are also able to purchase the house outright after one year’s occupancy if they so wish.
The Association has a limited number of Shared Ownership houses in Portree and Balmacara and the turnover of these properties is extremely rare.
New Supply Shared Equity Scheme (Shared Equity) is a scheme to help people on modest incomes who wish to own their home but who cannot afford to pay the full price for a house.
Shared Equity means that, if you buy your share of the property, you co-own the building with the Scottish Government. If you sell your home in the future, you receive your percentage share of the actual sales proceeds.
Applicants must be able to fund a minimum 51% for Housing Association, Council tenants and members of the Armed Forces (60% for others).
If you would like details of our New Supply (Shared Equity) Scheme, please contact John Lamont, Development Officer, on 01478 612035.