Mortgage to Rent
Mortgage to Rent Scheme
Tenants First are active participants in the Mortgage to Rent Scheme operated by The Scottish Government's Home Owners Support Fund. 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. Limited funding will be made available to the social landlord to carry out necessary repairs.
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 former 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.
