A helping hand on the Edinburgh property ladder » Housing » 24dash.com

Home Scotland has launched a new initiative designed to get more people on the property ladder in Edinburgh.

It is now offering ten properties for Shared Equity at the prestigious Slateford Gait, West One development in Slateford Road, Edinburgh.

Shared Equity is a scheme, promoted by the Scottish Government, to help people on low incomes who wish to own their own home but cannot afford to pay the full price for a property.

Under the scheme, Home Scotland will keep a financial stake in the property so people do not have to fund it all. Buyers pay for the majority share (usually 60% and 80%) and will own the property outright. They do not pay any form of rent to Home Scotland, no matter what stake they take in the property.

After a two-year period people will have the option to increase their equity stake to 100% and whenever they come to sell their home, they will get whatever percentage of the equity stake you have at that time.

At the West One development Shared Equity properties are currently being sold for as a little as £89,032 for a 51% share in a two-bed apartment.

Margarita Morrison, Managing Director of Home Scotland, said: Getting on the property ladder is harder than it ever has been but by offering Shared Equity, we are making a real contribution to affordable housing in Edinburgh.

To be eligible for one of these properties would-be buyers will have to meet at least one of the following criteria:

· First time buyer,
· Existing tenant of any local authority or housing association
· Disabled homeowner 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 homeowners unable to sustain or move back into home ownership due to significant changes in their household circumstances, e.g. divorce, separation or death of a spouse
· Current homeowners whose homes are being demolished as part of a regeneration scheme.

For the Edinburgh scheme there is a maximum earnings limit, which is currently £22,000 for a single person and £32,541 for a couple. People also need to demonstrate that they can raise the funds to buy their home, contributing 90% of any savings over £5,000 towards the mortgage of the Shared Equity property.