Are LIFT Mortgages Popular In Scotland?
The LIFT mortgage scheme in Scotland stands for Low-cost Initiative for First-time Buyers. It is designed to make it easier for first-time buyers to get onto the property market.
The Scottish Open Market Shared Equity Scheme, aimed at buyers who have lower-incomes, manages this initiative.
In essence, the scheme provides 10% to 40% funding towards the cost of a home to help successful applicants.
Here we'll run through how LIFT works and who is eligible. If you are looking for a LIFT mortgage or need more advice about financial support schemes, give the mortgage advisors team a call on 0330 304 3040, or email us at [email protected].
How Can the Scottish LIFT Scheme Help me Buy a Home?
The Scottish Government will finance a proportion of your property purchase cost and own the stake that they fund.
Your share needs to be between 60% and 90% of the property, and they will pay for the remaining balance.
There are rules about the types of property that you can purchase through LIFT, and you can only buy a home that is deemed as suitable for your needs and the size of your family.
Each region has a different price limit, determined by the local authority in that area.
To be eligible to apply, you need to meet these requirements:
- Be at least age 18 and a UK citizen.
- Purchase a property in Scotland.
- Usually, be a first-time buyer.
