Mortgage to rent scheme
The mortgage to rent scheme may be able to help you if you are an owner occupier in mortgage difficulties and are in danger of having your home repossessed. They can arrange for a registered social landlord such as a housing association or the local authority to buy your home and for you to continue to live there as a tenant. Funding will be made available to the landlord so that any necessary repairs can be made to the property.
Access to the scheme is conditional on applicants seeking advice from a recognised agency, confirmation that the property cannot be traded down for a more affordable one in the local area, and that the only other option is repossession.
Mortgage to rent will not be the best option for everyone. To find out if it is right for your situation you can get free advice from your local Citizens Advice Bureau.
Mortgage to shared equity scheme
The Mortgage to Shared Equity Scheme involves the Scottish Government taking a financial stake in your home. You will still own your home and continue to have responsibility for maintaining it and insuring it but you will be able to reduce the amount you have to pay to your lender every month.
Before applying for either of the above schemes you must obtain advice from a recognised agency about your financial situation. Details of sources of advice and more information about the scheme are available by downloading the leaflet from online forms.