Council works with partners to deliver low cost home ownership in Stirling
Stirling Council is delivering on one of its key priorities to provide new homes that are affordable for everyone by working in partnership with the Scottish Government and Places for People.
A Shared Equity Scheme from Places for People allows house hunters the chance to own one of the highly desirable properties at Castle View in Stirling at lower than the market value of the property.
The three-bedroom semi-detached homes with spacious and modern kitchen dining areas and three generously sized bedrooms, are perfect for a range of different buyersWith Places for People’s shared equity scheme, buyers can purchase their new home for between 60% and 80% of the purchase price (made up of a mortgage and deposit).
The remaining percentage is covered by an equity loan funded by Places for People Scotland and the Scottish Government. Equity loans are designed to help buyers keep the deposit and monthly payments on their home to a minimum.
For example, if the purchase price of the home was £195,000, buyers could pay £117,000 (60% in deposit and mortgage) while the Shared Equity Scheme would lend the remaining £78,000.
In the future, the buyer could sell the house and the proceeds would then be split 60/40 between the purchaser and the developer.
These homes - a short walk from the centre of town and close to transport links - are available to:
- First-time buyers
- Social housing tenants
- Armed Forces personnel and veterans, widows, widowers, and other partners of service personnel
- Private rented housing tenants - or those living with relatives.
Housing portfolio holder, Councillor Jim Thomson, said: “These new properties will give people the opportunity to buy their own home in an excellent location that would have otherwise been unaffordable for them to purchase.”
Councillor Alasdair MacPherson, deputy housing portfolio holder, added: “Stirling Council and partner housing associations are building significant numbers of new affordable homes this year, including social rent, mid-market rent and low cost homeownership, with new developments being completed or under construction in Bannockburn, Callander, Drymen, Cornton, Cowie, Dunblane, Killearn, Raploch and St Ninians.”
Councillor Danny Gibson, deputy housing portfolio holder, said: “With each home having three bedrooms and private gardens these properties will be ideal for growing families who need more space.”