Shared Equity Homes by Caledonia Housing Association
Your first Step on the property ladder
The New Supply Shared Equity (NSSE) scheme allows you to buy a new build home without having to fund the enture cost receving assistance via Scottish Government grants available to us here at Caledonia.
How does it work?
Caledonia Housing Association is a Registered Social Landlord. We receive Scottish Government grants which go towards the cost of the property you buy from us.
The NSSE scheme requires buyers to purchase a minimum of 60% of the property, and up to a maximum of 80%, depending on your income and the level of mortgage you can secure.
The Scottish Government would retain the remaining 20 – 40% stake under a “shared equity agreement”. This Scottish Government’s stake is in the form of an interest free loan, and no rent is applicable on the stake. It also means if you ever choose to sell your home the Scottish Government will get a share of the sale proceeds.
What do I need to know?
Homes available from Caledonia Housing Association via the NSSE project are a mix of sizes, designed for a range of housing needs in a range of locations.
You will not be permitted to buy a home which has more than two extra bed spaces above the needs of your family.
Your Shared Equity home must be your sole residence. As the outright owner you are responsible for all of your home’s running costs, including maintenance, insurance, repairs, service charges and council tax. These costs should be taken into consideration when deciding if you can afford to purchase the property.
What are the qualifying criteria?
Approval to purchase will be based on a first come first served basis for those applicants who meet one or more of the following eligibility criteria:
• first time buyers
• existing tenants of any local authority or housing association
• tenants renting privately
• veterans or anyone in the Armed Forces, or their widows, widowers or partners
• disabled home owners whose current home is no longer suitable for their needs
• those with particular needs who are unable to purchase a suitable property
• existing or previous home owners unable to sustain or move back into home ownership due to significant
changes in their household circumstances
Maximum income criteria will apply in relation to the allocation of the shared equity properties. If you have sufficient income to buy one of these properties at the full sale price, then you will not be considered under the New Supply Shared Equity Criteria.
How do I apply?
We will need to know details of your income, the size of the mortgage and personal contribution you will be able to make, and information about your household and your current accommodation.
Complete the enclosed Shared Equity ‘Passport’ Application or complete the online form by clicking here.
We will then let you know if you qualify to proceed to the next stage.
How do I find out more?
You will find some more general information about the New Supply Shared Equity Scheme at www.scotland.gov.uk/LIFT
Does Caledonia currently have any shared equity properties for sale?