LIFT

[Power]

Recently I've been looking into the possibility of applying for the Scottish Government LIFT scheme - Low-Cost Initiative for First-Time Buyers - Open Market Shared Equity Pilot. Anyone know more than the random Joe on this/had an experience with the scheme/simply got a view on this scheme?

More about the initiative here http://www.firstmortgage.co.uk/Lift-Mortgage?gclid=CJapzZPl9psCFVUA4wodOHM5_g

 

[GforGallo]

My mate is using it, basically, they give you however much money, which is used as your deposit, you then have to pay them it back when you sell the house, plus a percentage (or interest)

 

[Power]

My mate is using it, basically, they give you however much money, which is used as your deposit, you then have to pay them it back when you sell the house, plus a percentage (or interest)

I believe if they help with whatever percentage between 20-40% then whatever future sell on price they will take the same percentage back. Nae fixed percentage add-on or interest on the scheme amount. Any profit made by the government scheme if the property price goes up at sale goes towards affordable housing in Scotland in the future.

I'm interested tae ken how easy it is to buy the equity stake the government hold in yer property.

All in all sounds a good wee number.

 

[Hibees-Mad]

Im hoping to take advantage of this in the coming months.