The Scottish Government's Low-cost Initiative for First Time Buyers (LIFT) scheme has helped over 12,000 people buy a property since 2007.
So it's good news that funding has been secured for 2025/26 in support for social renters and other priority groups to buy a home on the open market.
Priority Groups eligible for funding in 2025/26 are:
- Social renters (people who rent from a Council or Registered Social Landlord).
- People with a disability who can demonstrate a housing need.
- Members of the armed forces.
- Veterans who have left the armed forces within the past two years.
- Widows, widowers and other partners of service personnel who have lost their life while serving in the armed forces within the last two years.
- People aged over 60 with a housing need are a priority group who do not need to take out a mortgage.
What is the Low-cost Initiative for First Time Buyers (LIFT)?
As the name suggests, LIFT is an initiative aimed at helping get first time buyers and priority groups on the property ladder through shared equity.
Currently there are two LIFT schemes, the Open Market Shared Equity (OMSE) scheme and the New Supply Shared Equity (NSSE) scheme.
The OMSE scheme helps priority access groups buy a property that's for sale on the open market, within certain price thresholds.
The NSSE scheme helps people buy new build properties from either a council or a housing association.
Through both the OMSE and NSSE scheme you'll pay for the majority of the property, at least 60%, and the Scottish Government will purchase the remaining share.
For example, if you paid for 70% of the property with this scheme the Scottish Government would purchase the remaining 30%.
Even though you don't own the property in it's entirety, you will have 'complete title' to your property, meaning you'll share the same responsibilities as any other homeowner.
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YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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