We are now accepting applications for purchasing a New Supply Shared Equity property in the final phase of completions at Sinclair Avenue, Isle of Lewis. The new build properties are particularly suitable for first time buyers.
The following properties are ready to purchase:
2 x 2 Bedroom
(4 Person – Semi-Detached)
- Ground Floor; 1 Living Room, 1 Kitchen/Diner, 2 Bedroom, 1 Bath or Shower-room/WC, Front Porch.
- Property Valued at £140,000 (as per independent valuation from plans)
- An equity share will cost you between £84,000 (60%) and £112,000 (80%)
*As per independent valuations
WHAT IS NEW SUPPLY SHARED EQUITY ?
The New Supply Shared Equity scheme is designed to help people who, without assistance from the scheme, would be unable to buy a new build house that suits their needs. It is available to first time buyers who live locally (or with local connections) and priority will be given to:
- social renters (people who rent from a council or housing association)
- disabled people
- members of the armed forces
- veterans who have left the armed forces within the last two years
- widows, widowers and other partners of service personnel for up to two years after their partner lost their life while serving
- people aged over 60
The minimum equity (share) of the cost you need to pay can be agreed on a case-by-case basis – but must be between 60 and 80 percent.
Scottish Government will hold the remaining share of the property under a ‘shared equity agreement’.
HOW DO I APPLY ?
The first stage of the application process is to complete an NSSE Eligibility Form which can be found here, in the first instance to determine if you are eligible to apply to this scheme.
If you cannot access this please contact sharedequity@hebrideanhousing.co.uk for a copy of the form.
If you satisfy the conditions in the eligibility form, you will be provided with an application pack to apply for this scheme. We recommend that you take independent financial advice before applying to this scheme. With the application form, you need to provide:
- 3 mortgage quotes
- supporting evidence for application (e.g. if social renter, a rental agreement)
We are now accepting applications.
If we are oversubscribed to this scheme, an independent third party ballot system will be used to allocate applicants to the available properties. We will confirm in writing whether you have been allocated the property and if successful, the legal process of the sale will begin.
I AM NOT A FIRST TIME BUYER - CAN I STILL APPLY ?
The NSSE scheme is also available to people who have previously owned a home and have experienced a significant change in circumstances (e.g.) a marital breakdown. It is also suitable for homeowners over 60 where their property does not suit their medical or support needs.
ADDITIONAL INFORMATION
Apply Now
First Step: complete an NSSE Eligibility Form (online) or (download)
Second Step: if eligible complete an NSSE Application Form
Guidance on completing application form: Notes to Applicant
If you require assistance, please contact our Shared Equity Team at:
E: sharedequity@hebrideanhousing.co.uk T: 0300 123 0773