New Homes In Scotland
The LIFT shared equity scheme in Scotland
One of the newest programs is the shared equity scheme LIFT, Low Cost Initiative for first-time buyers, formerly Homestake. The scheme is the government and to execute people with low income struggling to buy a home. This scheme is for residents of Scotland, if you are in England or Wales have a look at the Homebuy scheme similar.
The Scottish Government has allocated registered social landlords to run the program on their behalf. These candidates veterinarian to social landlords verify they meet the requirements. These social landlords are housing associations or councils to which an application is successful, the provisions necessary for the grant being applied for government involvement in Scottish property.
Am I eligible?
No criteria has been provided other than those with low income. This is because the cost of houses varies considerably by region, buying Edinburgh is likely to cost much more than in a small town. Part of the application process is to obtain quotes from three mortgage lenders to determine the maximum amount they can borrow. It is certainly the sentence to see if you qualify this scheme.
Who will help?
The system is designed to help First time buyer move into home ownership but grants can be given to help others too. If you are recently divorced and disabled and in a house that is not suited to your needs, help may be available to help you find a better home for you. Also, if your house demolition area is designated, you can also apply for a grant LIFT shared equity.
Open Market Plan
The system Open Market is one of the types of grants under the scheme LIFT and has recently been extended to the whole of Scotland after a successful trial. So if you want a <a href="http://www.firstmortgage.co.uk/Lift-Mortgage"> shared equity Edinburgh </ a> or shared equity Dundee, is open to all. The free market system allows eligible parties buy a house already on the market. This gives you much more choices than the original scheme, which aimed to assist in the purchase of a brand new home.
About the Author
Chris Borthwick writes articles covering a broad range of subjects. His main area of expertise is mortgage advice and writes many articles on mortgages for finance industry, mortgage brokers and for the general public, recent articles including how to find fee free mortgages.
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