Low Cost Home Ownership Options
last updated
07/10/2008 09:25:18
Albyn Housing Society currently has over 250 Shared Ownership properties throughout the Highlands. The Shared Ownership scheme offers people who have a limited or modest income, and therefore cannot afford to buy outright, the opportunity to purchase a property at an affordable level.
Shared Ownership enables someone to purchase either a 25%, 50% or 75% share in a property, using a conventional mortgage or other funds, and pay a discounted rent to the Society for the remainder.
The Sharing Owner then has the opportunity, if they wish, to purchase further shares of the property, and, therefore, eventually own the property outright.
Apart from the provision of new Shared Ownership houses the Society operates a waiting list for resales of existing shared ownership homes. The majority of these properties are situated in and around Inverness where demand is greatest.
