The Association participates in providing low cost home ownership under a shared equity scheme.
Shared equity was introduced to help people on low incomes who wish to own their home but who cannot afford to pay the full price for a house.
Shared Equity allows you to buy a share of between 60% - 80% of the full price. You will pay for your share of the purchase price in the usual way, along with legal costs, survey fees and any other costs associated with the purchase. There are no rent payments due for the part you do not own.
The stake that you will hold will normally be determined by the maximum mortgage that you are able to obtain plus any personal contributions that you are able to make.
Homestake is aimed at low income applicants who are in one or more of the following categories:
Once you have purchased a shared equity property, you will be responsible for all maintenance, contents insurance and repair costs as well as making your mortgage repayments, paying utility bills and paying your Council Tax. You are responsible for keeping your property in a good state of repair. If the property/development has common areas, you will be responsible for paying any common maintenance or service charges. This is paid for through the factoring agreement that you will enter into with the Association.
The Association requires purchasers to take out our block buildings insurance policy when purchasing a NSSE property. This is paid for along with the management fee, any common area maintenance or service charges applicable on a quarterly factoring invoice. For more information on the Associations factoring service, click here. (Link to factoring area of website)
New Supply Shared Equity homes are available at the Vineburgh Regeneration Project in Irvine and Jetty Road in Fairlie.
There were 14 properties available to buy in this phase of the regeneration – 7 properties have been sold to date, a further 4 have reservations in place with the final 3 remaining as detailed below:
PLOT 17 – 104 Old Caley Road – 3 Bed Semi Detached - £69,000 (based on 60% share) Link to 3 Bed
PLOT 24 – 90 Old Caley Road – 2 Bed Semi Detached - £60,000 (based on 60% share) Link to 2 Bed
PLOT 27 – 84 Old Caley Road – 2 Bed Semi Detached - £60,000 (based on 60% share) Link to 2 Bed
Application Form & Marketing Material are available from the links below:
Notes for Applicants
Costs to Consider
Showhome – Now Closed
The Association opened a showhome in Fleming Terrace, Irvine from February – September 2012 to allow interested parties to view a newly completed house. The house was partly furnished to give viewer an idea of the generous room dimensions. The showhome proved extremely popular and it is proposed that a similar home will be opened at Vineburgh Phase 3 to assist with the marketing of the properties there.
There are a further 10 properties available to buy through Shared Equity and 15 through Shared Ownership.
VB Ph3 site plan
VB Ph3 Site Info
Marketing Material will be available in Spring 2013
After a period of two years you can increase your stake, but this increase must take your stake to a minimum of 80%. You would be able to increase your stake after a further year, but this must increase your stake to 100%. You cannot reduce your stake.
Information on shared equity which is known as ‘Lift’ can also be found on the Scottish Government website.