One of the newest shared equity schemes is the LIFT scheme, Low Cost Initiative for First-Time Buyers, formerly Homestake. The scheme is government run and aimed at people on low incomes struggling to buy a home. This scheme is for Scottish residents, if you are from England or Wales have a look at the similar HomeBuy scheme.
The Scottish Government have assigned registered social landlords to run the scheme on their behalf. These social landlords vet applicants to ensure they meet the requirements. These social landlords will be housing associations or city councils, who will upon a successful application, arrange for the grant to be applied for the Scottish Governments stake in a property.
Am I eligible?
No criteria have been release other than for those on low incomes. This is because the cost of homes varies greatly depending on the area, buying in Edinburgh will likely cost a lot more than in a smaller city. Part of the application process involves obtaining quotations from three mortgage lenders to determine the maximum amount which they can borrow. It is certainly worth applying to see if you can benefit from this scheme.
Who will it help?
The scheme is designed to help first time buyer’s move into home ownership however the grants can be given to help others too. If you are recently divorced or disabled and in a home that isn’t suitable for your needs, help can be available to help you find a better home for you. Also if your home is a designated demolition area you can also apply for a LIFT shared equity grant.
Open Market Scheme
The Open Market scheme is one of the types of grants under the LIFT scheme and has recently been extended to the whole of Scotland after a successful trial. So whether you want a Shared Equity Edinburgh or shared equity Dundee, it’s open to all. The open market scheme allows eligible parties to buy homes already on the market. This gives you much more choice than the original scheme which was aimed at helping with the purchase of a brand new home.
