This topic is for those considering buying their own home.
1. Things to consider
Purchasing your own home could be a housing option for you but before you can do this, you will need to consider the steps you need to take to buy.
You will need to consider how much you can borrow, your credit rating, other associated costs such as home insurance, etc. You will need a solicitor to do your legal work for you and should consider getting independent mortgage advice. Here is a handy guide from Shelter Scotland for those considering buying a home.
2. Support to purchase a home
The Scottish Government has a shared ownership/equity scheme available to support for those who qualify to purchase a home. Find out more information at shared ownership.
3. Discounted home/low-cost home ownership
East Lothian Council works with developers to offer homes for sale which are sold at a discounted price from the open-market value. A discount can be between 20% and 40% of the value of the home. For example, a property worth £150,000 with a 25% discount would be sold at a fixed price of £112,500.
Homeowners will have full responsibility for maintenance and repairs for the property and unlike shared ownership, there is no occupancy charge. A standard security must be granted to the Council against the discounted proportion, and should the owner wish to move, they will be required to sell the property with the same percentage discount the property was purchased with.
Eligibility criteria is set for properties sold under this scheme. The scheme is aimed at those with low incomes and who are either first-time buyers, or those who have a change in circumstance and could not afford a property move on the open market without support from the scheme. You must also have a local connection to East Lothian.
Properties available are advertised on our website, ESPC, Rightmove, Zoopla and the developers website where applicable.
If you have any questions about this scheme, you can contact us either on 01620 827 827 or at lcho@eastlothian.gov.uk
We offer some properties for sale at a discount, please see discounted homes for more information.