The Scottish Government scheme helping people onto the property ladder

dailyrecord.co.uk:

Scottish homebuyers are getting onto the property ladder in 2023 with help from The Scottish Government’s LIFT (Low-cost Initiative for First Time Buyers) Open Market Shared Equity scheme.

The LIFT scheme helps people who can face difficulty getting onto the housing ladder by providing funding to purchase a home on the open market in an area of their choosing.

The buyer funds the majority share of the purchase – between 60-90 per cent – usually through a combination of mortgage and deposit, with the Scottish Government contributing the remaining share.The priority groups for LIFT include first-time buyers, social renters, disabled people, over-60s, armed forces members, veterans who have left the forces in the past two years and bereaved partners of armed forces members who have died while in service during the last two years.The Scottish Government recently encouraged those in a priority group looking to buy a home in 2023 to consider the LIFT scheme.Housing Secretary Shona Robertson said: “We recognise the challenges people are facing in this cost of living crisis and we want to help as many people as possible to buy an affordable home this new year.“This scheme puts applicants on a more level playing field with other buyers when purchasing an affordable home.

Buyers can purchase a share of a property while holding the full title, with the Scottish Government funding the remaining share under a shared equity agreement."She added: “Scotland continues to be a great place to buy a first home and has led the way in the delivery of affordable housing across the UK.