If you are a tenant of a Council or Housing Association property, you could be eligible for up to 40% towards the price of a property through the Scottish Government’s LIFT (Low Cost Initiative for First Time Buyers) Open Market Shared Equity (OMSE) scheme.
How does the scheme work?
The Scottish Government pays between 10% and 40% towards the price of a property you have chosen on the open market.
Example: the property is worth £100,000 and you can afford to contribute £70,000 (through mortgage/ deposit). The Scottish Government could contribute 30% (£30,000). When the property’s sold, 30% of the sale price would be returned to the Scottish Government.
You own the property outright and can increase your equity share over time.
Can I apply?
Current tenants of Council or Housing Associations can apply to the scheme, even if not a first-time buyer. Visit Link Housing website for a full list of eligible groups.
What property can I buy?
The property must be:
- Advertised for sale publicly e.g. on an Estate Agent’s website.
- The correct size for your household.
Priced within the maximum threshold for the area. Angus thresholds:
An apartment is a habitable room including; bedrooms, living rooms, dining rooms and box rooms. Kitchens, bathrooms and conservatories are not classed as apartments.
How to apply?
Visit Link Housing website to find out more and apply online.