Shared Equity

SHARED EQUITY FOR SALE SCHEME (SESS)

COMING SOON -  SHARED EQUITY HOMES AT:

ROSE DENE DRIVE, KILMARDINNY, BEARSDEN

ST AGATHA’S GROVE, KIRKINTILLOCH

The East Dunbartonshire Council Shared Equity for Sale Scheme (SESS) gives financial help to people who cannot afford the full purchase price of a home. The SESS allows people to buy an equity share in a property, which will usually be between 60% and 80% of the total cost of the property. The whole of the legal title, however, is held by the individual purchaser who is also responsible for repairing and maintaining the property.

If you pay 80% of the total cost of a shared equity property, the Council will hold the remaining 20% equity share. When you sell the property the Council may choose to purchase your equity share from you or you will receive 80% of the purchase price and the Council will receive 20% of the purchase price.

Qualifying Criteria/Priority Groups

The Shared Equity for Sale Scheme aims to help residents to access home ownership if they have a maximum gross annual income as detailed below.  There are variations between Bearsden/ Milngavie and Strathkelvin due to variations in house prices across the market areas.

It should also be noted that the maximum mortgage to income ratio is x3.5 times gross annual income for a single person household, and 3 times gross annual income for a non single person household.

Bearsden and Milngavie

Maximum Annual Income

Single Applicant Income

£42,713

Household with More than One Income

£49,834

Calculation

 

 

 

Strathkelvin

Maximum Annual Income

Single Applicant Income

£31,572 

Household with More than One Income

£36,834 

The scheme is predominantly aimed at first time buyers living in East Dunbartonshire, particularly those in social rented accommodation. 

However, preference will also be given to the following groups subject to verification checks being carried out:

  • People who are homeless or threatened with homelessness and have had a homelessness assessment carried out by the Council
  • People with a disability whose current home doesn't suit their needs
  • Residents living in housing that is Below Tolerable Standard
  • People leaving the armed forces, or veterans
  • People who have experienced a significant change in their circumstances, such as separating households or are subject to mortgage stress

Thereafter, applicants will be ranked in order of date of application and those on the Council’s housing list will be considered first.  Preference is given to residents of East Dunbartonshire in the first instance.

If you fit the eligibility criteria and would like to register your interest in any of the property please send your enquiry to shared.equity@eastdunbarton.gov.uk

East Dunbartonshire Council will then advise when the properties are due to be advertised for sale.