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Comhairle nan Eilean Siar

Housing Services

Affordable Homes for First Time Buyers

From time to time, Hebridean Housing Partnership will have affordable homes for first time buyers under the New Supply Shared Equity scheme.

This scheme is aimed at first time buyers such as tenants of Housing Associations like HHP or people in private rented houses or living with relatives.  It can also help people whose housing situation has changed significantly (e.g. marital break up) or people whose house is no longer suitable (e.g. through disability).  As the scheme is aimed at people with lower incomes there are criteria which must be met to qualify. .

New Supply Shared Equity Scheme – How Does it Work?

The scheme allows people who cannot afford the full price of a property to buy on a shared equity basis.  Normally buyers will pay between 60% and 80% of the cost of the property and the Scottish Government take the remaining share.  The buyer will still own the house and will have all the benefits and responsibilities of home ownership.  The maximum initial share is 80%. When the property is sold the proceeds are divided based on equity held.  This applies whether the value of the property has gone up or down.

Buyers will need to show they cannot buy a house without the help of the scheme and will need to prove they can afford a mortgage for the share they are going to buy.  Normally the share available to a buyer will be set at the maximum mortgage they can afford plus any personal contribution they can make.  So if a property is valued at £120,000 and you can afford to contribute £72,000 (mortgage plus any personal contribution) you would hold a 60 percent share in your new house.

Further Information

If you want to find out more about the New Supply Shared Equity Scheme please contact Hebridean Housing Partnership’s agents Tighean Innse Gall, 41A Point Street, Stornoway – Telephone 01851 706121.