How long does a lift scheme application take?

How long does a lift scheme application take?

We will assess applications within 5 working days of receipt of all supporting documents. To support your application, you are required to provide the following: One mortgage decision in principle, unless you are over 60 and applying without a mortgage.

Do you still need a deposit with the lift scheme?

Do I need a deposit to buy a property through the LIFT scheme? You are likely to require a deposit when buying through the LIFT scheme, however, this is usually less than the deposit required when buying without the help of a shared equity scheme.

How much can you get on the lift scheme?

What is LIFT shared equity? The scheme aim to help people on low to moderate incomes who want to own their own home but who cannot afford to pay the full price for a house. The buyer normally pays between 60 and 80% of the price of a home, with the remainder paid for by the Scottish Government.

How do you qualify for a lift scheme?

When buying through the LIFT scheme, you choose a property for sale on the open market. To be eligible, properties must be: Advertised for sale publicly e.g. on a website or social media site, and. Priced within the maximum threshold for the local authority area.

How does the lift scheme work?

How does it work? The LIFT OMSE scheme is a shared equity scheme provided by the Scottish Government. Buying through a shared equity scheme means you pay for the majority share of the property – usually, a combination of deposit and mortgage – and the Scottish Government provides funding for the remaining share.

Can I buy a new build on LIFT scheme?

The scheme is aimed at households on low to moderate incomes, who can demonstrate they can’t buy a new build house to suit their needs without help from the NSSE scheme. The scheme is available to all first-time buyers, however, priority is given to: people aged over 60.

How does the lift scheme work Scotland?

LIFT, (also known as Low-cost Initiative for First-Time Buyers) is a Scottish Open Market Shared Equity Scheme that helps buyers on low to moderate income buy a home. The LIFT scheme provides eligible applicants with funding of between 10% and 40% to put towards the purchase price of a property.

Is the lift scheme only for first-time buyers?

Although the scheme is open to all first-time buyers, it is also open to priority group applicants which includes: People aged over 60. Social renters (people who rent from the council or a housing association)

Can you buy link housing?

If you are over the age of 60, you do not need to take out a mortgage to access this scheme and can purchase the property with the help of savings and/or equity from a house sale.

How much deposit do I need to buy a house in Scotland?

5%
Yes, you will still need to contribute a deposit of at least 5% (subject to individual lender requirements) of the value of the house or flat. The loan is available to help boost this deposit.

What is the Scottish Government lift scheme?

What schemes are available for first time buyers Scotland?

There are two main shared equity schemes:

• Open Market Shared Equity (OMSE) scheme – helps first time buyers to buy a home on the open market.
• New Supply Shared Equity (NSSE) scheme – helps first time buyers to buy a new-build home from a council or housing association.