Low Cost Home Ownership Options
last updated
28/11/2011 10:23
Lift New Supply
Lift is a shared equity scheme aimed at lower income households including: first time buyers, Housing Association tenants and Council tenants. The initiative enables them to purchase between 60% and 80% of a new property provided by a Registered Social Landlord.
The Registered Social Landlord funds part of the price of the property and the buyer funds the rest.
If you can afford a 75% share of a property, the registered Social Landlord will retain the remaining 25%. You will own the property outright and will have a 75% stake in its value, whatever changes there are to the property’s value over time.
You will pay for your share of the purchase price, along with the legal costs, survey fees and any other cost associated with the purchase. You do not pay any form of rent to the Registered Social Landlord.
Lift off the Shelf
This pilot enables lower income households to purchase a property available on the open market. Maximum prices for different house sizes have been set by the Scottish Government – limiting the type of property you can buy in terms of value and size according to need. As with the new supply Lift you take out a mortgage to the maximum level you can afford, but in this case the Scottish Government retains the remaining equity. This initiative is particularly looking to help existing Council or Housing Association tenants and first time buyers; however, there is some scope to help the wider community.
If you would like further information on either of these two initiatives, please contact Samantha Cribb on telephone: 01463 259894 or Toni Magee on telephone: 01463 259895. Alternatively, please email: info@albyn-enterprises.co.uk
