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What is Homestake?New Supply Shared Equity is a brand new scheme to help people who want to own a home but are finding it difficult to buy at the full asking price. New Supply Shared Equity was launched by the Minister for Communities, Malcolm Chisholm, on 8 March 2005 and has been developed by the Scottish Government. Irvine Housing Association has received a grant from teh Scottish Government, to help them fund part of the price of a Shared Equity property. The prospective home owner will pay the majority share in the property, normally between 60 and 80 per cent of the price, and Irvine Housing Association will use the grant to pay for the rest. The Shared Equity owner is the outright owner and responsible for paying off the mortgage and all other costs associated with the purchase and the running of the property – just like any homeowner. You do not pay any rent. After two years the Shared Equity owner can, if they wish, increase their share of the property if they feel they can afford to do so. When the Shared Equity owner decides to sell the house, both Irvine Housing Association and the Shared Equity owner will receive their share of the property value. The Association has successfully completed the first New Supply Shared Equity development in Ayrshire. This unique development in Springside, a small village on the outskirts of Ayrshire, comprises 6 two-bedroom and 8 three-bedroom properties. The first homeowners moved into their new homes in May 2007. With all properties sold, it is clear that this development had been a success. The Association will be seeking to develop more New Supply Shared Equity properties over the coming years. If you are interested in New Supply Shared Equity, please contact us.
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