You can listen in to Olivia talking about the LIFT scheme on our HOS audio channel. Click here: LIFT.
Or, you can read the full transcript below.
LIFT is a shared equity scheme run by the Scottish Government and is a very popular option amongst our clients who wish to purchase their own property. It is a shared equity scheme which helps people on a lower income to buy a home without having to fund the purchase completely by themselves. LIFT stands for Low-Cost Initiative for First Time Buyers, however the scheme is open to people with disabilities, even if they have purchased a property before.
The LIFT Open Market Shared Equity Scheme allows people to buy a property that is for sale on the open market, where it is affordable for them to do so. The Scottish Government has set a ceiling for the maximum value of property that you can buy through the scheme, which depends on the property size and location. With LIFT you will pay between 60% and 90% of the price of a new home, and through a housing provider, the Scottish Government will lend you the remaining money. The percentage that you are likely to pay will be dependent on the maximum mortgage you can secure, plus any other money you can put towards the purchase. You will own the new home that you buy, and when you come to sell it, you will have to split the money in the same proportions as you bought it, to repay the Scottish Government.
The LIFT scheme is a great option for people with disabilities, as it can help them to purchase an affordable property that is better suited to their needs. If you would like further information on the LIFT scheme, or to find out if you may be eligible to apply, please fill out our Support Request where we can tell you about other housing options too. And if you’d like to hear about another housing option in audio let us know and we can include it in our next emag!