Who can apply for Mortgage to Rent
You can apply for the Mortgage to Rent scheme if you meet the following criteria - (although in some cases exceptions can be made)
- Your lender has started legal action that threatens you with homelessness. Applications will also be considered if your lender has withdrawn their action to allow you to apply to the Mortgage to Rent scheme
- All joint owners of your property must agree to apply to the scheme
- The property is the sole and main residence of someone in your household
- Your household needs to stay in Glasgow
- You are unable to trade down in Glasgow - either because of a lack of capital, or because there are no suitable properties in the area
- There are no legal obstacles to the sale of the property
- If are under 60, you should not have savings of more that £8,000 (including any expected proceeds, including endowments, from the sale of the property). The savings limit is £12,000 for people aged 60 and over.
- Someone from your household has lived in your property for at least 12 months
- The open market value of your property is less than the local average house price in the local area. This can be checked on the Communities Scotland website. If there are more than six people in the household this condition will be relaxed.
- The repairs needed by the property will cost less than £6,000 (or the excess can be funded in some other way)
- The property is the right size for your household