We can help you to buy a home in Scotland

Off By Ed Hanna

Receive up to 40% of the purchase price of a home in Scotland with the LIFT Open Market Shared Equity Scheme!* Members of the Armed Forces and veterans who have left in the last two years can benefit from priority access to the scheme.

It is also available to partners of service personnel who have been killed while serving in the past two years, over 60s or disabled people with a housing need, first-time buyers and social renters.

The LIFT (Low-cost Initiative for First-Time Buyers) Open Market Shared Equity scheme can give you a LIFT onto the housing ladder.

The scheme provides eligible applicants with funding between 10% and 40% toward the purchase price of a property that has been advertised on the open market.

The scheme helps first-time buyers and gives priority access to priority group applicants including:

First-time buyers
Social renters (people who rent a property from either a local authority or a housing association),
Disabled people with a housing need.
Members of the Armed Forces,
Veterans who have left the armed forces within the past two years
Widows, widowers and other partners of service personnel for up to two years after their partner has been killed whilst serving in the armed forces

People aged 60 or over who can demonstrate a housing need to move and meet with the criteria for at least one of the following, can apply for the Over 60’s Scheme.

Under-occupation – the applicant is living in a property which is too large and needs to downsize
The applicant’s existing property is no longer suitable to meet their needs – (e.g. they can no longer manage the stairs)
Support – the applicant needs to move closer to family or friends that provide care and support

If you are aged 60 or over, there is no requirement to take out a mortgage but you must contribute as much as you can towards the purchase price. This includes all proceeds of the sale from any existing or previous property and the majority of your savings.

With the scheme, applicants fund the majority share of the purchase of their property and own the property outright. The Scottish Government will hold the remaining share of the property under a shared equity agreement. In most areas you can increase your share up to 100% in the future.

Link administers the scheme for the Scottish Government across the whole of Scotland.

What type of property can you buy?

The Scottish Government has set limits as to the price and size of a property which people can purchase across each local authority. Applicants will only be able to purchase properties that are suitable for their needs.

For example, a family of four (two parents and two children) could be entitled to purchase up to a four bedroom property.

Once you have found a home you would like to purchase, the scheme will assess whether or not this property meets with the criteria of the scheme. For more information on the different threshold prices and sizes for each area, please read the price thresholds leaflet.

I am eligible, what do I do now?

We recommend you speak with an Independent Financial Advisor/ Mortgage Adviser. Once you have received your Mortgage Promise or Mortgage Agreement in Principle, you or your mortgage adviser will be able to submit your application to the LIFT scheme

Find out more here: http://bit.do/civvy-street