The £5K Home is a new, low-cost way for people within a specified income bracket to own their own, brand new home. It is a joint ownership with a local partnership (local authority and Scottish Futures Trust) that will be responsible for some of the maintenance and management of the property. The upfront investment of £5,000 secures the home, and the monthly occupancy fee covers the maintenance and replacement of the boiler, roof, windows, external doors, communal space, lifts, and garden areas. The fee rises only in line with inflation, making it hassle-free living with no unexpected costs. Each home will have one, two or three bedrooms, a kitchen, bathroom, and living room, and will be extremely energy-efficient, resulting in low utility bills. With the £5K Home, monthly outgoings will be lower than a private rent, making it easier to save up for a deposit to buy a home outright in the future. If you want to move on, your local partnership will help you find a buyer for your share, reducing costs and keeping the process simple.
