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We know that the dream of owning a home can seem out of reach if you’re on a lower income. That’s where the LIFT scheme could provide a solution.

What is LIFT?

The Low-cost Initiative for First Time Buyers (LIFT) is a Scottish Government program that helped over 13,000 people get on the property ladder. Eligible buyers could receive up to 40% funding towards their home purchase, making homeownership much more attainable.

The scheme has been reopened in a bid to help more people take their first steps on the property ladder in Scotland. We don’t know how long it remain open. So, take advantage of the scheme while it is open.

How Does LIFT Work?

LIFT’s Open Market Shared Equity (OMSE) scheme allows buyers that qualify to purchase a property on the open market within set price thresholds based on property size and location. For eligible purchasers, the government could fund between 10% and 40% of the purchase price or valuation, whichever is lower.

As it is a shared equity scheme with the Scottish Government, when you eventually sell the property, the equivalent percentage is returned to the Scottish Government. What’s more, you don’t need to make regular monthly payments for their share. You can also increase your equity share as your finances allow.

Who Qualifies for LIFT?

In addition to first time buyers, the following groups get priority access to the scheme:  

  • Social renters  
  • People with a disability who can demonstrate 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 who have lost their life while serving in the armed forces within the last two years   
  • People aged over 60 who can demonstrate a housing need  

LIFT Example

Take this scenario: An individual with an annual income of £19,000 purchased a 2-bedroom home in Glasgow with the help of LIFT. 

Property valuation: £95,000

Sales price: £100,000 (including amount offered over valuation) 

Scottish Government contribution: £38,000 (40%)

Buyer contribution (mortgage and deposit): £57,000 (60%)

Benefits of the Scheme

  • Makes homeownership possible for those on lower incomes
  • Requires a lower mortgage than a standard purchase, making repayments more affordable
  • Monthly mortgage payments could be lower than rent
  • Ability to ‘fix’ your mortgage repayments for long-term payment security
  • Typically requires a 5% deposit or sometimes no deposit
  • Repayment of the government’s share upon eventual sale

Let’s Get Started

At Scullion LAW, we’re here to get you through the LIFT process to make your dream of homeownership a reality. Our experts can answer any questions and make the home buying process a little less daunting.

Our mission is to help every aspiring homeowner turn their dream into a reality. No matter your income level, the LIFT scheme bridges the gap, making homeownership an achievable goal. Let’s help get you there. Call us today on 01698 283 265 or fill out our enquiry form and a helpful member of our client care team will get back to you quickly.

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