Rent to Buy initiative in Stornoway

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Tighean Innse Gall (TIG) has recently completed and allocated the two Rent to Buy properties at Esplanade Court, Stornoway.

TIG’s Rent to Buy Scheme is a Comhairle backed initiative which enables TIG to develop housing for families and individuals who are struggling to get onto the property ladder and are looking for a low cost home ownership option.

The scheme is based on a tenant living in and renting the property from TIG for an agreed period of time, in this case three years, after which a cash back ‘loyalty sum’ taken from the monthly rent is given back to the tenants to be used as a deposit to secure a mortgage.

This enables the tenant to become the owner of the property.

There is an agreed price which is fixed at the time of taking up the tenancy and it will not increase over the tenancy period. Rent to Buy is perfect for first time buyers as it allows the tenant to rent at the same time as saving for a future deposit.

The properties at Esplanade Court were part of a refurbishment of the existing building previously known as the Lewis Hotel Coach House.

The refurbishment was carried out by Design and Build Contractor Donald Macfarlane Ltd with The Rennie Partnership providing Employer’s Agent Services.

Cllr, Norman Macleod, CNES Housing Spokesperson, said: “I am very pleased that the Comhairle has been able to provide financial assistance to this innovative approach to providing low cost home ownership.

“There is a very strong demand for this type of housing in the Stornoway area and I hope this pilot scheme will lead to similar developments going ahead in the future.”

The response received from the launch of the Rent to Buy Scheme was significant, with more than 100 people requesting applications and more information.

The Rent to Buy Scheme was funded primarily by a loan from Comhairle nan Eilean Siar, whose support was crucial to the success of the scheme.

Tina Burgess, TIG Management Committee member, said: “Tighean Innse Gall is delighted to have been involved in this exciting new project and the success and interest it has generated is encouraging, we would like to thank the Comharile for funding the initial pilot.”

If you would like further information on the Rent to Buy Scheme and other low cost home-ownership options please get in touch with holly@tighean.co.uk.

Pictured are: Tina Burgess (TIG committee), Elizabeth Hall (Tennant), Margaret Aksu & Mihat (Tenants), Cllr Angus MacCormack.