There are two schemes sponsored by the Scottish Government available 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).
You are advised to seek advice from an independent financial advisor about obtaining a mortgage and all the costs associated with buying your own home.
1. New Supply Shared Equity Scheme
This scheme is administered by the Association. We have houses and flats which become available for re sale from time to time in Portree, Broadford, Armadale, Plockton and Dornie. You will require to be assessed for eligibility –you will have to have lived in Lochalsh and Skye for a minimum of 6 months and may not qualify if you already own a property. For details of the scheme, please click here.
Click here to view properties currently available for re-sale.
2. Open Market Shared Equity scheme
This scheme is administered by Highland Residential (part of Albyn Enterprises Ltd) based in Inverness. The initiative enables lower income households to purchase between 60% and 90% of a property available on the open market.
There are limits set on the price of homes that can be bought under the open market scheme to ensure that only 'starter' properties are available through the scheme - these are known as threshold prices. For details of the scheme, please click here.
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.