Loan op­por­tu­ni­ties for self-builders in the High­land Coun­cil re­gion

The High­lands Small Com­mu­ni­ties Hous­ing Trust presents the High­land Self­build Loan Fund, a new Scot­tish Gov­ern­ment fund. This fund ap­plies to plots of land within the High­land Coun­cil area only.

The Arran Banner - - Self Buid & Renovation -

The fund al­lows HSCHT, act­ing as agent to the Scot­tish Gov­ern­ment, to pro­vide a re­volv­ing fund to self-builders through­out the High­lands. The fund aims to gen­er­ate growth in this self-build sec­tor again, and pro­vide fi­nan­cial as­sis­tance to in­di­vid­u­als and fam­i­lies who have in re­cent years been un­able to progress with their self-build pro­jects. HSCHT will keep a database of all the peo­ple ex­press­ing in­ter­est in the fund, in hope that this will prove to lenders that there is a high de­mand, and that it is in­deed pos­si­ble to fi­nance these type of pro­jects. £4 mil­lion is avail­able in to­tal to pro­vide to in­di­vid­u­als and fam­i­lies through­out the High­lands, with ap­pli­ca­tions open un­til the end of March 2018. This is a re­volv­ing fund, so as some pro­jects are com­pleted and the loan pro­vided to them is paid back, HSCHT will then be able to use this fi­nance to as­sist an­other ap­pli­cant. The anal­y­sis of the pi­lot will be used to in­form fu­ture pol­icy for self-build sup­port in Scot­land, and to pro­vide ev­i­dence of de­mand to high street lenders. The new fund will al­low ap­pli­cants to bor­row up to £175,000 to help them reach build com­ple­tion. The loan is then re­paid when the ap­pli­cant is able to ac­cess a tra­di­tional mort­gage. The HSBLF can help a wide range of peo­ple who are con­sid­er­ing a self-build project for their pri­mary res­i­dence. Those who own or part-own a home can ap­ply al­though they need to sell their in­ter­est in that prop­erty. In ad­di­tion, the HSBLF ap­pli­cants will be pri­ori­tised in the fol­low­ing or­der: 1) Ap­pli­cants with all nec­es­sary ti­tles, per­mis­sions, war­rants and other doc­u­men­ta­tion re­quested dur­ing the ap­pli­ca­tion process. 2) Ap­pli­cants with shorter build pro­grammes. This is to al­low us to pro­vide more fund­ing for a greater num­ber of pro­jects – al­lo­cat­ing fund­ing to a larger num­ber of ap­pli­cants be­tween up to April 2018. 3) Ap­pli­cants with greater hous­ing need. The agent (HSCHT) will as­sess the project costs and com­pare this with the ap­pli­cant’s con­tri­bu­tion. If there is a shortfall in cash flow to reach com­ple­tion stage (where mort­gage funds be­come avail­able), this will be the ba­sis of how the HSBLF amount is cal­cu­lated. The du­ra­tion of the fund be­ing avail­able to each ap­pli­cant will de­pend on their build sched­ule. This will be de­cided be­fore a for­mal of­fer is made. The loan of­fered to the ap­pli­cant can be drawn down over the course of the project build – at stages pre­vi­ously agreed dur­ing the ap­pli­ca­tion stage. If you are in­ter­ested in hear­ing more about the High­land Self-build Loan con­tact HSCHT on 01463 233548, or email self­

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