Home Ownership
Shared Equity
Shared Equity helps people with modest incomes who want to own a suitable home but who cannot afford to pay the full price. It is aimed not just at first-time buyers but also at others whose life circumstances have changed, for example, people affected by a relationship breakdown. The scheme has been designed flexibly so that it can also be used to help disabled people and older people access more suitable housing.
You generally pay for between 60 and 80 per cent of the price of a property through a home loan or savings. The remainder is funded by an interest free loan through Ayrshire Homestake, who market the scheme on behalf of Ayrshire Housing. This is only repayable when the house is subsequently sold with any profit being split in accordance with the relative equity stakes. For example, if the Homestake loan was 20% of the original price, then Ayrshire Housing would be due to 20% of the sale proceeds.
We are currently building 25 houses for sale through this scheme in Lochside, Ayr. You will find the latest news on their marketing here.
Shared Ownership
Shared Ownership is another low cost housing option offered by Ayrshire Housing. With the introduction of Shared Equity, no further shared ownership houses will be built but re-sales are occasionally available through the scheme.
The purchaser buys a proportion of the property, which is sold in 25% shares or “tranches”. The purchaser arranges a home loan for the portion of the property. The remaining portion of the house is rented from the association.
If you are the sharing owner of one of the properties at Obree Avenue, Prestwick and West Sanquhar Avenue, Ayr, e-mail us if you would like details of how to increase your stake, or are thinking of moving and would like sell your the house.
