Edinburgh Residents Offered Shared Ownership Homes

Residents in Edinburgh are offered support to get a property through a number of housing providers. If you are on a low income and are unable to afford a property under your own steam then these schemes will help you make up the shortfall.

A shared ownership programme combines buying with renting. The buyer will purchase a stake in a property for the amount that they can afford and then the housing association will pay for the remainder. Each housing association has their own conditions but some will let you purchase half the home and some less than this, its just dependent on the housing association.

Shared Ownership is available to anyone who can’t raise finance themselves. Priority is given to those currently renting, first time buyers and those who have suffered a relationship breakdown.

Under the shared equity Edinburgh schemes you are responsible for all fees that are associated with the purchase. Including but not limited to, valuation fees, legal fees, mortgage payments, deposit, rent payments, council tax, repairs and maintenance, insurance and utility bills.

If you find your financial situation has improved after one year you are able to increase your equity stake in the property. Investigate the Shared Ownership Edinburgh schemes available through housing associations in Edinburgh.

Another type of shared ownership scheme, more likely to be referred to as a shared equity scheme, is the Scottish Government initiative to help increase the number of people afford a home though taking an equity stake in the property. The scheme has recently been extended to the rest of Scotland after a success pilot.

In Edinburgh the scheme is managed by Link Housing on behalf of the government. Like the shared ownership scheme you purchase a stake in the property, which must be as much as you can afford, and must be a majority stake. A stake of at least 51% will need to be purchased with the Scottish Government providing a grant for the rest. This gives you an opportunity to have your home while having an almost silent partner through the scheme, known as LIFT, who will only need to be asked for permission to carry out a few exercises.