The Scottish government have announced a new loan available for people who want to build their own homes.
After a successful pilot run in the Highlands, the £4 million fund is now open for applications from eligible urban or rural self-builders who are unable to access a standard bank loan.
In many parts of rural Scotland and the islands, self-building is a traditional form of housing supply, yet has become increasingly unrealistic due to difficulty in obtaining self-build mortgages. The Scottish government is hoping that this loan will allow self-builds to be accessible again.
Announcing the new fund, Housing Minister, Kevin Stewart stated: “We know that people are interested in building their own homes and in some cases, it is the best way for families to tailor their homes to their needs. However, we also know that it can be tough to secure funding and get the right advice, which is why we set up the self-build loan fund to help those that need to access finance.”
The funds will be provided by The Highland Small Communities Housing Trust (HSCHT) on behalf of the Scottish government. The Trust's Chief Executive, Ronnie MacRae said:
"HSCHT are delighted to have been confirmed as agents for the self-build loan fund and following the success of the Highland pilot we are sure this will be a key fund for Scotland. Whilst not yet back to where it was, self/custom-build is again a growing market and we're excited to be working with Scottish government and a range of partners to ensure that this remains the case."
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