LIFT Mortgage Shared Equity Scheme

LIFT is a Scottish Government initiative to help first time buyers get onto the housing ladder. The scheme has a broad range of support for first-time buyers, including:

  • The New Supply Shared Equity Scheme to allow first-time buyers to buy a new build property;
  • The Open Market Shared Equity Pilot a pilot scheme to allow first-time buyers to buy a property on the open market in areas where affordability is a key problem for buyers

The scheme’s aim is 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. The buyer will own the whole property, although the Scottish Government will hold a security over the proportion of equity stake it has funded. This means that if the owner sells their property, the Government will receive the value at the time of sale of the percentage equity stake funded. If for example, the Government funds 40 percent of the purchase price, then 40 percent of the sale value of the property will be returned to the Scottish Government when the property is sold.

As Scotland’s leading mortgage advisors, we have specialist knowledge of all first time buyer schemes and will appoint you with a dedicated advisor to help you choose the right one for your circumstances. Your dedicated mortgage advisor will also complete all the paperwork with you, dealing with the lenders, solicitors and surveyors at every stage of the process, ensuring everything goes smoothly from start to finish.

Select your nearest branch and give us a call today to find out how much our free advice can save you.