Shared Equity Scheme Opens Door to Housing
Inverclyde Council is reminding people on low to moderate incomes they could own their own home through a Scottish Government funded scheme.
The low-cost initiative for first time buyers (LIFT) offers up to 40% funding towards the price of a home.
The scheme is open to a range of people including first time buyers, social landlord tenants, disabled and older people with housing need, armed forces personnel and veterans who have recently left the armed forces.
Environment & Regeneration Convener Councillor Michael McCormick said: “Whether you have owned a home in the past of if you are a first-time buyer the LIFT scheme can help make mortgage payments more affordable.
“Most lenders are asking for only a 5% deposit or in some cases no deposit at all allowing more tenants to make the transition from renting to buying than ever before.”
Rebecca Cox is a single parent, on a low income and was finding the idea of buying a home impossible.
She said: “Being a single parent, it was going to be impossible to save enough money to put down a deposit. Not only did the LIFT scheme allow me to purchase my first home, but it allowed me to pick the property I wanted, in the location of my choice, without breaking the bank.”
If you are working, you could secure a mortgage with the LIFT scheme. You should speak with your bank or financial adviser and ask them to look for a shared equity mortgage.
More details can be found at Link’s website: