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Low-cost Initiative for First Time Buyers (LIFT)

There are two LIFT schemes available that we can assist you with:

1. The Open Market Shared Equity (OMSE) Scheme aims to help first time buyers onto the property ladder with the minimum capital outlays and is a fantastic way of getting on the property ladder for many people who thought it wasn’t possible. There is now NO RESTRICTION to the size of the home you can purchase based on your family size, only the Threshold Prices in your area set out by the Scottish Government.

2. The New Supply Shared Equity scheme (NSSE), which helps people buy a new-build home from a council or housing association. This scheme can also be applicable to those who have previously own a home but has had a significant change in circumstances e.g. a martial breakdown.

How does the LIFT scheme work? First time buyers can literally purchase any property on the market with either no deposit or as low as 5% deposit of your share, the only other outlays being the legal fees. The LIFT scheme would provide up to 40% deposit for their purchase. The Scottish Government have set different purchase limits in different council areas.

The schemes are aimed at households with low to medium incomes, we can assess your circumstances for your area to see if you qualify and help you with your application process.

Example 1:

Mr & Mrs Smith LIFT Scheme purchase:

Couple looking to buy their first purchase in Perth & Kinross. They purchase a two-bedroom house for £145,000.

40% LIFT Deposit £58,000
Customer Deposit £4,350
Mr and Mrs Smith mortgage £82,650
Monthly mortgage payments* £421

Example 2:

The Wilson Family LIFT Scheme purchase:

Couple looking to buy their first three-bedroom house in Angus for £165,000.

40% LIFT Deposit £66,000
Customer Deposit £4,950
Mr and Mrs Smith mortgage £94,050
Monthly mortgage payments* £480

Terms and conditions apply. Examples provided are for illustration purposes only and does not represent a real occurrence. Mortgage example is based on an initial monthly rate of 5.09%.

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