Mortgage
to Rent Scheme
Tenants
First are active participants in Communities
Scotland Mortgage to Rent Scheme. This scheme may be able to help you
if you own your home and you are in mortgage difficulties and are in
danger of having your home
repossessed. They will arrange for a social landlord such as a local
authority or housing association/co-operative, like Tenants First, to buy
your home to enable you to continue to live there as a tenant.
Funding will be made
available to the social landlord to carry out any necessary repairs and to
charge a social rent.
This scheme will not be the best option for everyone in this type of
situation and you must get independent legal and financial advice before
you can apply.
To
find out more about the scheme or an application pack complete the form
below, e-mail us at info@tenantsfirst.com
or contact our Aberdeen office. Please
note that Tenants First can only consider properties in Scotland for this
scheme.
Buy
Back of Previous Right to Buy Houses
In
addition to the formal scheme we have for several years operated a buy
back of previous 'Right to Buy' houses and allowed the owners to become
tenants. This scheme was developed
in response to specific requests from previous owners.
As we receive no grant aid or subsidy
for this scheme, as a general rule, we will only buy back for a price
which is supportable from the income that the rent will generate. This is
unlikely to be more than the original purchase price. The owner is
allowed to stay in the house and is offered a Scottish Secure Tenancy
although there will be no subsequent Right to Buy.
Our
experience suggests that owners will almost certainly be better off using
the formal Rent to Mortgage Scheme but there may be some circumstances
where they are ineligible for the scheme.
To
date we have restricted our buy back scheme to properties previously sold
by the Co-op or Communities Scotland or SSHA and but we will consider
buy backs of other Right to Buy properties on a limited basis.
To
find out more about the scheme complete the form below,
e-mail us at info@tenantsfirst.com
or contact our Aberdeen office. Please
note that Tenants First can only consider properties in Scotland for this
scheme.
