The New Extended Scottish Government’s Mortgage to Rent Scheme
The new extended Scottish Government’s Mortgage to Rent Scheme and the new Mortgage to Shared Equity Scheme were launched on 16 March 2009 as part of the Scottish Government's Home Owners’ Support Fund.
The schemes are designed to help owners of lower value properties in danger of becoming homeless after experiencing difficulty in paying loans secured against their property.
Under the Mortgage to Rent scheme the Scottish Government can arrange for a social landlord to buy a home with a Government subsidy and the owner stays in their home but becomes a tenant. The Mortgage to Shared Equity scheme involves the Scottish Government taking a financial stake in a home and does not involve a landlord.
Homeowners in financial difficulties who cannot reach a satisfactory payment plan with their lenders and have consulted a money advice agency make their applications direct to the Scottish Government. Following an initial assessment, if the applicant and property meet all the eligibility criteria, the Government will offer the property to a suitable social landlord.
The Government intends to offer properties to a landlord who already has homes in a particular area.
Further information
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