The New Supply Shared Equity Scheme is a Scottish Government initiative to enable people on modest incomes purchase a new build property. This Scottish Government leaflet on NSSE provides more information.

These properties are usually built on HHP sites. All of these homes are built to a very high standard with economical heating systems and high levels of insulation.

Eligible applicants purchase between 60% and 80% of the property depending upon their circumstances.

To qualify applicants must meet the following criteria:

• First time buyer (although consideration will be given to owner occupiers whose current accommodation is overcrowded and cannot be extended or whose circumstances have changed for example a marital breakdown).
• Resident in the Outer Hebrides and either living in social rented housing or have been on the waiting list for six months prior to application.
• Be employed or have received a formal offer of employment or have been recently employed in the local area where you want to set up home.
• People aged over 60
• Disabled people
• Members of the armed forces
• Veterans who have left the armed forces within the past two years
• Widows, widowers and other partners of service personnel for up to two years after their partner lost their life while serving
• The applicant receives a low to modest income and so cannot afford to buy a property in the area through the open market.
• Applicants must be able to provide 3 mortgage quotes from different lenders along with the completed application form.

Golden share

The term Golden Share applies to properties build under the shared equity scheme in the Outer Hebrides. The maximum equity that an applicant can purchase is 80%. The remaining 20% will remain with the Scottish Ministers. The Scottish Ministers have a right of pre-emption over the property which means that they will buy back the property from the shared equity owner and sell it on to the next person who meets the criteria.
This ensures that the property will remain in affordable housing into the future.

Shared Equity Owners Responsibilities

As a shared equity owner of a new home you will be responsible for all the repairs and maintenance of the property, this includes the annual servicing of the heat pump.

You will also be responsible for insuring the property with buildings and contents insurance and all the usual bills such as utilities and council tax.

Before you apply

We strongly advise that you seek independent legal and financial advice before you purchase a shared equity home.

Further Information

If you wish to apply for a shared equity house or if you wish to sell on your shared equity property please contact Christina Macleod, Development Assistant: christina@tighean.co.uk or 01851 706121 (option 4).