Your Mortgage to Rent application will be assessed by Communities Scotland. They will first check you meet the scheme's eligibility criteria. If you meet these, then a more detailed assessment will be carried out. At the same time, the most appropriate potential housing association will be identified and a survey of your property will be done. If the detailed assessment is positive, the process of selling the property will begin.
Your property will be sold for the "open market value" - that is, the amount you would get if sold on the general market. Your selling costs (for example, your solicitor's fees) will also be covered.
You must use the money raised from selling your property to pay off any loans that have been secured against the property: your mortgage and any mortgage arrears must be paid first, then any other loans than have been secured against your property. If your debts are more than the amount your property is sold for, you will still be responsible for paying the difference.
Any money left over after you have paid your debts off will be added to any savings you have, along with the surrender value of any savings plans linked to your mortgage. If the total is more than £8,000 (if you're under 60) or £12,000 (if you're 60 and above), you will have to pay the extra money to the mortgage to rent scheme to help with costs. If there is any left after than, it will be returned to you.