Low Cost Home Ownership
Low Cost Initiative for First Time Buyers (LIFT)
LIFT is a Scottish Government initiative, bringing together a range of incentives to help households on low to moderate incomes get on the housing ladder. These include:
A shared equity scheme where the Scottish Government will purchase up to 20% of a new build home up to a value of £400k from participating home builders.
A scheme supported by the Scottish Government to allow credit worthy borrowers to access 90 to 95% mortgages to purchase a new home from a participating home builder.
A Scheme backed by HM Government to help credit worthy borrowers buy a newly built home or an existing property with a deposit of as little as 5%. The scheme works by offering participating lenders the option to purchase a guarantee on mortgages where a borrower has a deposit of between 5% and 20%.
NSSE is where the Scottish Government gives grants to Registered Social Landlords (RSLs) or Developers to help them build or buy new homes for sale.
Under the New Supply Shared Equity Scheme, the Scottish Government will keep a financial stake in the property so you do not have to fund all of it.
You will pay for the majority share in the property (normally between 60 and 80%) and the Scottish Government will hold the remaining share under a shared equity agreement which they will enter into with you.
Although you will own the property outright, the interests of the Scottish Government will be secured by a standard security on your property.