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Owning your home

Buying a home

  • Before you start house hunting you will have to work out what you will be able to afford.
  • Once you've found a solicitor, ask for the home report for any properties you like.
  • You'll also need to decide what kind of mortgage you want and which lender offers you the best deal.
  • Once you have chosen, you should get a mortgage agreed in principle.  
  • It's a good idea to get your solicitor to note your interest in the property. This means you will be informed and have a chance to put in an offer along with any other interested parties.  
  • The process is different if you want to buy your home from the council or housing association. 

You can find out more by downloading by visiting Shelter Scotland’s website

 

Open Market Shared Equity

  • This scheme is currently open to help all first time buyers, on low to moderate incomes. It helps people buy homes that are for sale on the open market if it falls within a specific price range.
  • If your application to the scheme is approved, you will find your own property to buy on the open market.
  • It's based on the amount of the mortgage that you may be able to raise, compared with the value of the property that is suitable for your needs.
  • You’ll need raise at least 60% with the most being 90%.
  • Registered Social Landlords administer the scheme on behalf of the Scottish Government.

For more information visit Scottish Government - Open Market Scheme.



The New Supply Shared Equity Scheme

  • This scheme can help you buy a new home that has been developed or purchased for shared equity sale.
  • You pay for a majority stake (between 60% to 80%) and the Housing Association receive a grant from the Scottish Government to pay for the rest.
  • To find out if there are any properties available near you, you'll need to get in touch with the Housing Association direct.   
  • Properties may also be advertised online and in the local press.

More information is available from the Scottish Government, in their New Supply Shared Equity leaflet.

 

Shared Ownership
We currently do not have any shared ownership properties in Fife.

  • This is a cross between renting and buying.
  • There are housing associations that do offer this scheme.

This scheme aims to help people on low to moderate incomes to buy a property, where it is affordable. Through the scheme, you can buy a 25%, 50% or 75% share and pay an occupancy charge on the rest.

The housing association still owns a share of the property.

  • They would allow you to pay a charge to occupy the property.
  • This charge does not include a cost for repairs to your property.
  • You will be responsible for repairs and ongoing maintenance costs to the property.

Priority is given to:

  • First time buyers with limited housing alternatives.
  • Members of the armed forces and veterans who have left within the past two years.
  • A widow, widower or partner of service personnel.  If their partner has been killed whilst serving with the armed forces.


Some notes to take into account

  • Shared Ownership is different from Shared Equity.
  • The decision to apply for either one will depend on your circumstances and preferences.  
  • Before making a decision it's recommended that you consider both options and consult a Financial Advisor. 

For information about the differences visit Scottish Government - Housing for Shared Ownership

 

Help to Buy (Scotland) Scheme
The scheme helps people buy a new build home from a participating builder and not have to fund the full price.

It's a demand led scheme and the whole budget for period 1 April 2014 to 31 March 2015 has been allocated.  We won't consider any new applications this year.  

More information is available by visiting Scottish Government - Help to Buy (Scotland) Scheme.

Housing Information and Advice (lines open 8 a.m. - 6 p.m.)
Tel: 03451 55 00 33 Contact Housing Information and Advice (lines open 8 a.m. - 6 p.m.) online
By Post: New City House 1 Edgar Street Dunfermline Fife KY12 7EP
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