Ayrshire Homestake

With shared equity loans, we help people with modest incomes who want to own a suitable home but who cannot afford to pay the full price. The scheme 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.

The shared equity scheme is supported financially and regulated by the Scottish Government.

We are not marketing any houses at the moment, but you may find the open market shared equity scheme promoted by Link Housing of interest. It allows you to find a house of your choice backed by an interest free loan promise for part of its cost.

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. This is only repayable when and if the house is subsequently sold with any profit being split in accordance with the relative equity stakes. For example, if the  interest free loan was 20% of the original price, then we would be due to 20% of the sale proceeds.

We will assess how much you can reasonably afford to pay for your house taking account of loan quotations from banks and building societies. For example, with a salary of £23,000 a single income loan applicant might normally be able to borrow £70,000 (ie the annual salary x 3). So for a house was valued at say £100,000 and subject to a savings check, an eligible applicant would expect to receive an interest free loan to cover the balance of £30,000.

We have longer-term plans to market more shared equity houses  across Ayrshire. Why not press Ctrl + D (Cmd + D for mac) to bookmark this site and keep yourself up to date.