LIFT Open Market Shared Equity Scheme
LIFT Open Market Shared Equity Scheme
This scheme can help owners affected by a regeneration scheme. The Scottish Government will fund the difference between what an owner is able to raise and the cost of buying a new home. The Scottish Government will hold an equity stake in the new property based on their financial contribution.
You must offer the heritable value offered from the Housing Association plus 90 percent of any savings you hold over £5,000
For more details click here for details on Link Housing website.
Link Housing Association were chosen as the Scottish Government Agent for delivering Open Market Shared Equity nationally. Fife Housing Association will work in partnership with Link HA if there is a demand for this product.
Shared Equity owners have full title to the property just like any other homeowner. There is no interest or rent payable on the Scottish Governments equity stake.
You will have the option to increase your equity stake or buy the property outright if you wish.
|
Worked Example |
|
|
|
New Property Purchase Price |
|
£100,000 |
|
Housing Association Offer for your house |
£60,000 |
|
|
Personal Contribution (90% of £5,000) |
£4,500 |
|
|
Expected Contribution from Owner |
£64,500 |
|
|
Balance Funded by Scottish Government |
|
£35,500 |
Owners Equity Stake will be 64.5%
The Scottish Government would hold a 35.5% equity stake in the new property.
