After you apply for the Home Owners Support Fund
The fund team will process your application.
You and your money adviser should tell your lender that you’ve applied to the fund.
Application refused
The fund team will send you a letter explaining why.
Contact your money adviser to discuss what other options are available to you.
Application accepted
What happens next depends on which scheme suits your circumstances. This is either:
- Mortgage to Rent
- Mortgage to Shared Equity
The fund team will tell you which scheme you can get.
If the fund team have all the information they need, it usually takes 4 to 6 months to complete the next steps.
Mortgage to Rent
If you can get Mortgage to Rent:
- An independent surveyor will inspect your property and estimate the value.
- A solicitor will identify all owners and debts related to the property.
- A ‘social landlord’ will have the chance to buy your home – this is either the local council or a housing association.
- The social landlord will inspect your property before they buy the property, to check if repairs are needed.
Once these steps are completed, the social landlord will buy your home.
There is no guarantee that a social landlord will agree to buy your home, even if you qualify for Mortgage to Rent.
Mortgage to Shared Equity
If you can get Mortgage to Shared Equity, the fund team will check:
- how much you can afford to pay towards your secured loans
- how much equity the Scottish Government needs to take
They will then make you an offer.
If you agree
If you agree to the amount offered, a Scottish Government solicitor will start the process to buy part of your home.
Before accepting the offer, you must get legal advice from a solicitor.
You must show how you’ll pay back the Scottish Government’s stake within 10 years.
If you do not agree
If you do not agree to the amount offered, the fund team may consider you for the Mortgage to Rent scheme instead.