The New Supply Shared Equity Scheme is a Scottish Government initiative to enable people on modest incomes purchase a new build property. The Scottish Government leaflet on NSSE provides more information http://www.gov.scot/Resource/0044/00447669.pdf.
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.
- 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.