LIFT - low cost initiative for first time buyers
If you would like to buy your own home but cannot afford to pay the full market price for a property, the low cost initiative for first time buyers (LIFT) could help, details are included below.
- What is LIFT and how does it work?
- Who is eligible to apply for LIFT?
- Where can I get more information about LIFT?
LIFT is divided into two parts depending on whether you are looking for a home that is a newly built property - New Supply Shared Equity or a home on the open market - Open Market Shared Equity.
The new supply shared equity scheme covers new developments and allows you to buy an equity share of between 51% and 80% of a newly built property. The remaining equity share is held by a housing association - no rent is paid on this share.
All developments under the LIFT new supply shared equity scheme are advertised in the local press and on Grampian Housing Association's website.
You can get more information on this scheme from the new supply shared equity scheme brochure on the Scottish Government website.
Open market shared equity lets you buy a share in a property for sale on the open housing market.
The cost of the property is split with you paying a percentage of the cost. A grant from the Scottish Government covers the rest.
You normally need to provide between 60 and 80% of the value of a property.
If you are eligible to take part in this scheme you will be given a passport letting you look for a property on the open housing market. An upper limit is set on the price of property you can buy. You can look for a property which is a bedroom size bigger than you need.
The passport is valid for 12 weeks. If you do not find a property in this time it may be possible to arrange an extension.
You will be given an upper limit for the value of the property you are allowed to purchase.
After two years you have the option to buy the remaining share, allowing you to own the property outright.
You can get more information on the open market shared equity scheme from Grampian Housing Association who administer the scheme in Aberdeen City, Aberdeenshire and Moray. For further information read the LIFT open market shared equity leaflet which is available via the Scottish Government website.
The scheme is designed to help people on low incomes. When you apply for the scheme your financial circumstances will be assessed.
LIFT aims to help:
- first time buyers
- people looking for a new home after a significant change in circumstances, or
- people with specific housing needs
Priority is given to tenants of councils and housing associations and waiting list applicants.
The LIFT scheme in the North East of Scotland is run by Grampian Housing Association. Their frequently asked questions web page will answer many of your questions on LIFT. Or you can contact the LIFT Information team at Grampian Housing Association on freephone:
0800 121 44 96.
You can get additional information on the LIFT scheme from the Scottish Government.