These schemes may be able to help you if you are in danger of having your home repossessed.
Under the Mortgage to Rent scheme, The Scottish Government can arrange for a social landlord - such as a housing association - to buy your home and for you to continue to live there as a tenant with a Scottish Secure Tenancy.
The Mortgage to Shared Equity scheme involves the Scottish Government taking a financial stake in your home. You will still own your home and continue to have responsibility for maintaining and insuring it. But you will be able to reduce the amount you have to pay to your lender every month.
To be considered for either the Mortgage to Rent or Mortgage to Shared Equity scheme you must have:
- failed to reach agreement with your lender(s) on how to manage your arrears or have had a trustee appointed to your estate who is looking to force the sale of your property; and
- obtained independent advice about your financial situation from a Citizens Advice Bureau, Money Advice outlet or local authority money advice centre.
In addition, other eligibility criteria apply - for example the value of your home must be less than maximum levels set for size and location (although there is some flexibility if you have particular housing needs as a result of a disability). You can find out more about all the eligibility criteria on the Scottish Government’s website (link below).
If you have taken free impartial advice about your situation and would like to apply to the Home Owners' Support Fund you need to complete an application form in full so that the Scottish Government can assess whether they can help you. Remember, they can't consider your application if you haven't taken free impartial advice. Your application will need to include a letter from your adviser confirming this.
Information on both these schemes, including frequently asked questions, is available on the Scottish Government website
They also have a leaflet on the Mortgage to Rent and Mortgage to Shared Equity schemes – ask at any Council or advice office for this leaflet. They can give you one or print you off a copy.
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