Grampian Housing Association
Shared Ownership and Shared Equity
Home ownership beyond your reach?
Grampian Housing Association offer a range of initiatives to help you get your foot on the property ladder.
Shared ownership is a form of low-cost home ownership which allows households on modest incomes to get a ‘foot on the property ladder’. The aim is to help people who cannot afford to buy a suitable home outright, to purchase a share in a property. This share can be purchased through obtaining a mortgage from a bank or building society or from savings.
Depending on how much income applicants have, the initial share can be 25%, 50% or 75% with the Association owning the remainder. An ‘occupancy charge’ is made to cover the remaining share of the property.
If you can answer YES to all of the following five questions, then we would like to hear from you.
- Are you currently in employment and earning £1,500 or more per month?
- Have you been working for over 6 months?
- Do you have savings of at least £5,000?
- Have you been to see if you can get a mortgage or do you have capital to raise a share?
- Will the home be your only residence?
New Supply Shared Equity Scheme (NSSE)
NSSE aims to help people on low to moderate incomes to purchase a new build home where it is sustainable for them to do so.
Under NSSE the Scottish Government will keep a financial stake in the property so the applicant does not have to fund the whole cost of the property. Applicants will normally own between 60-80% of the property and the Scottish Government will contribute the remaining share. No rent will be payable on the share of the property the applicant does not own. The Scottish Government will retain the 20% share or ‘golden share’ and in some areas the homeowner will never own more than 80% of their property due to it being in an area of low levels of affordable housing.
Applicants should be;
- First-time buyers, such as those living in social housing
- People in the Armed Forces or veterans, widows, widowers and other partners of service personnel
- People living in private rented housing or with relatives
- People who have experienced a significant change in household circumstances
- People with a disability who own a house which doesn’t suit their needs
- People aged 60 and over
Applicants will need to sell their interest in any property owned prior to purchasing a home under the scheme.
Priority will be given to tenants of councils or housing associations.
For further help and information on these schemes:
- Email - email@example.com
- Call - 01224 202900