The Scottish Self Build Loan Fund has committed more than £5 million in loans to self-builders across Scotland to date.
This fund supports self-builders who are unable to obtain mainstream self-build mortgage finance.
£5.235 million has now been committed to 35 families and individuals in 12 Local Authority areas, to provide homes which wouldn’t otherwise have been possible. The loans are repaid when the homes have been completed by acquiring a standard residential mortgage, or the sale of the existing home.
The Loan Fund is administered on behalf of the Scottish Government by the Communities Housing Trust, an Inverness-based charity working closely with communities to provide affordable homes and community amenities.
Loans which have already been repaid are now being ‘recycled’ to finance additional builds, allowing even more people to build their own homes.
Homes are now complete or under construction in 12 Local Authority areas: Aberdeenshire, Argyll & Bute, East Ayrshire, North Ayrshire, Falkirk, Highland, South Lanarkshire, Orkney, Perth & Kinross, Shetland, Stirling, and the Western Isles.
Earlier this year, the Scottish Government added another £2 million to the Loan Fund, providing a total of £6 million. The deadline for applications was also extended, and is open until 31 August 2022, with loans to be repaid by August 2023.
For more information about the Self Build Loan Fund, and to apply, please visit: https://www.chtrust.co.uk/scotland-self-build-loan-fund.
This blog features a variety of CHT’s developments and projects located throughout the central and northern Scotland. It also includes the latest news and updates regarding the Trust.