Shared Equity Schemes for Scotland
The Scottish Government offers a number of shared equity schemes to assist first-time buyers buy a home. The schemes come under the umbrella of the LIFT, Low Cost Initiative for First-Time Buyers. The main schemes are the New Supply Shared Equity Scheme that is designed to help first-time buyers to buy a newly built property and then there is the Open Market Shared Equity scheme. The Open Market Shared Equity scheme recently finished a pilot and has been approved for extension to help people in other areas of Scotland. The scheme will help people on low incomes purchase a home on the open market by receiving help from a registered housing association. With house prices rising so sharply over the past ten years it has become difficult for many people, as I’m sure you are already aware, to get on the property ladder. It is no longer those on low income, many with respectable salaries are finding they don’t meet banks affordability criteria. If you are wondering if you are eligible you will need to apply to find out, the information hasn’t been released that details the criteria to be met other than those on low to medium incomes who are unable to afford housing in their area through traditional means. Shared equity is aimed at first time buyers however other groups are eligible. Those on lower incomes and certain groups such as armed forces may be given priority in areas where there is a shortage of homes. As I mentioned if you already own your own home you can still use the scheme if you are after a new home and your circumstances have changed significantly. The second of the shared equity schemes recently finished a pilot in the Edinburgh and Lothians area and is now being rolled out across the country. To use either of these schemes you will first of all need to see if the scheme is available in your area. A social landlord will be assigned to look after this area, they will handle applications and if approved will received a stake to invest in the property you have chosen from the Scottish Government.
Chris Borthwick writes articles covering a broad range of subjects. His main area of expertise is mortgage advice and writes many articles on mortgages for finance industry, mortgage brokers and for the general public. Most recent articles detailed the benefits of a fee free mortgage broker.
Article Source:http://www.articlesbase.com/personal-finance-articles/shared-equity-schemes-for-scotland-841588.html
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