Low Cost Home Ownership
Low Cost Home Ownership (LCHO) options are offered by the Orkney Housing Association Limited and are funded by the Scottish Government. LCHO options are schemes aimed at helping people on low incomes who wish to own their own home but who cannot afford to pay the full price of a house. There are 2 options available through Orkney Housing Association Limited these are:
- Shared Ownership.
- New Supply Shared Equity.
More information on these schemes can be found on the Orkney Housing Association Limited website available from the 'Related Sites' section of this page.
LIFT Open Market Shared Equity
Open Market Shared Equity helps people who want to buy a home on the open market but can't afford the full price.
The LIFT (Low-cost Initiative for First-Time Buyers) Open Market Shared Equity (OMSE) scheme provides eligible applicants with funding between 10 and 40% toward the purchase price of a property which has been advertised on the open market.
With LIFT, buyers fund the majority share of the purchase and own the property outright. The Scottish Government will hold the remaining share under a shared equity agreement. Successful applicants in Orkney can increase their share to 100% in the future.
The scheme is open to the following priority groups:
- First-time buyers.
- Social renters (people who rent a property from either a local authority or a housing association).
- Disabled people with a housing need.
- Members of the Armed Forces.
- Veterans who have left the armed forces within the past two years.
- Widows, widowers and other partners of service personnel for up to two years after their partner has been killed whilst serving in the armed forces.
Over-60s LIFT scheme
People aged over 60 who can demonstrate a need to move - by meeting at least one of the following criteria - can apply to the over-60s LIFT scheme:
- The applicant is living in a property which is too large and needs to downsize (under-occupation).
- The applicant’s existing property is no longer suitable to meet their needs – (e.g. they can no longer manage the stairs).
- The applicant needs to move closer to family or friends that provide care and support.
If you are over 60 there is no requirement to take out a mortgage, but you must contribute as much as you can towards the purchase price. This includes all proceeds of the sale from any existing or previous property and the majority of your savings.
Link Housing Association administers the LIFT scheme in Orkney.
For more information, please visit the link from the 'Related Sites' section of this page.
Help to Buy
The Scottish Government's Help to Buy (Scotland): Affordable New Build scheme helps first-time buyers and current homeowners purchase a new build home without the need for a large deposit.
With the Help to Buy (Scotland) Affordable New Build scheme, applicants can buy a new build home without having to fund its entire cost and will receive assistance from the Scottish Government.
Applicants are expected to pay a minimum of at least 85% of the home's total purchase price and the Scottish Government will hold the remaining percentage share under a shared equity agreement. Successful applicants in Orkney can increase their share up to 100% in the future.
If you want to buy a new build home with the Help to Buy scheme, the property purchase price cannot be more than the threshold price – currently set at £200,000 for the financial years 2018-2019, 2019-2020 and 2020-2021.
Over-60s Help to Buy scheme
People aged over 60 who can demonstrate a need to move - by meeting at least one of the following criteria - can apply to the over-60s Help to Buy scheme:
- The applicant is living in a property which is too large and needs to downsize (under-occupation).
- The applicant’s existing property is no longer suitable to meet their needs – (e.g. they can no longer manage the stairs).
- The applicant needs to move closer to family or friends that provide care and support.
If you are over 60 there is no requirement to take out a mortgage, but you must contribute as much as you can towards the purchase price. This includes all proceeds of the sale from any existing or previous property and the majority of your savings.
Link Housing Association administers the Help to Buy scheme in Orkney.
For more information, please visit the link from the 'Related Sites' section of this page.
