What is it?
The New Supply Shared Equity scheme (LIFT) aims to help people on low to moderate incomes who want to own their home but who cannot afford to pay the full price for a house.
A buyer generally pays between 60 and 80 per cent of the price of a home, with the remainder paid for by the Scottish Ministers. The buyer owns the whole property, although the Scottish Government holds 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 per cent of the purchase price, when the property is sold 40 per cent of the sale value of the property will be returned to the Scottish Government.
Who is it for?
The Scottish Government's shared equity schemes mainly aim to help first-time buyers. The schemes are open to all first-time buyers on low to moderate incomes, although some groups of buyers may be given priority if the number of buyers exceeds the number of houses available (for example, this may include people currently living in council or housing association housing or armed forces personnel).
The schemes can in some cases also help people who are not first-time buyers. For example, they may be able to help people who are looking for a new home after a significant change in their household circumstances. They may also be able to help disabled people to access more suitable housing.
The Association has no plans to build homes under the LIFT scheme in the near future. If we do, we will advertise it here on our website.