Mortgage to Rent Scheme

We are active participants in Communities Scotland's 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, like Thenew, to buy your home to enable you to continue to live there as a tenant. Funding will be made available to the housing association to carry out any necessary repairs and to charge an affordable 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. We have established certain criteria in order for us to be able to help people under this scheme. They are:

• The property is located within Thenew’s current areas of operation.
• Where applicable, the property is within a block or a development with a current factor or property manager.
• The property is considered viable and the rental stream can cover the future running costs of the property including loan repayments.
• Thenew is able to raise private finance for the acquisition at competitive terms.

To find out more about the scheme and download an application form from Communities Scotland, click here.  You can contact our registered office on 0141 550 3581, by e-mail or at 83 Green Street, Glasgow. G41 2TG.