Homestake 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. Homestake was launched by the Minister for Communities, Malcolm Chisholm, on 8 March 2005 and has been developed by Communities Scotland, the Scottish Executive’s housing and regeneration agency. Irvine Housing Association has received a grant from Communities Scotland, to help them fund part of the price of a Homestake 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 Homestake 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 Homestake owner can, if they wish, increase their share of the property if they feel they can afford to do so.
When the Homestake owner decides to sell the house, both Irvine Housing Association and the Homestake owner will receive their share of the property value.
The Association has successfully completed the first Homestake 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 Homestake properties over the coming years. If you are interested in Homestake, please contact us.
