Homestake Mortgage

The Homestake scheme has been withdrawn and replaced with Low-cost Initiative for First-Time Buyers, or LIFT.

For more information on the LIFT scheme, please see our dedicated LIFT mortgages page.

Homestake was a scheme set up by Communities Scotland to help low income people get a foot on the property ladder.

Generally aimed at first time buyers who are unable to afford the high costs of property and mortgage deposits, Homestake is also useful for people who have had a sudden change in circumstances, for example, a divorce or separation. First Mortgage can help you arrange a Homestake mortgage agreement in your area. Many UK lenders will not offer Homestake agreements, but some larger companies will. You can call us free to discuss Homestake and your options on 0345 603 1525.

Find a Homestake deal with First Mortgage

How does Homestake work?

Homestake works on a similar principle to shared ownership. You can buy a share of the property (usually 60-80%) and a registered social landlord owns the rest through Homestake funding. You can then buy back the rest of the house at a later date. If you move you will receive a percentage of the sale equivalent to the amount you own. Usually, the property has been built specifically for the Homestake scheme.

Are you eligible for Homestake?

Homestake is currently only available in Scotland, having been set up by Communities Scotland, Edinburgh Council and Glasgow Council. Homestake is aimed at people who fall into one or more of the following categories:

  • Low income household
  • You cannot afford housing without Homestake
  • First time buyers
  • You have special housing requirements, for example, housing for the elderly or disabled
  • You have had a significant change in your circumstances (for example a divorce or bereavement)
  • You need to live in a particular area for a special reason
  • You can also afford the repayments on the Homestake property

Call us on 0345 603 1525 for a FREE Homestake consultation with one of our friendly and experienced team. We are happy to discuss your situation and help you find a Homestake property in your area.