Support for first time buyers
The Low Cost Initiative for First Time buyers (LIFT) scheme helps people get onto the property ladder.
The Scottish Government provides funding of between 10% and 40% of the property valuation or sale price (whichever is lower) and gets the same percentage back when the property is sold. In most areas, you can choose to increase your share in the future.
When buying through the scheme you can choose a property for sale on the open market that is:
- Large enough to avoid overcrowding
- Advertised for sale publicly e.g. on a website or social media site, and
- Have a sale price (including any amount paid over valuation) within the maximum threshold for the area.
Who can apply
- First time buyers
- Social renters
- People with a disability who can demonstrate a housing need
- Members of the armed forces, veterans who have left the armed forces within the past two years or partners of service personnel who have lost their life while serving in the armed forces within the last two years
- People aged over 60 who can demonstrate a housing need
Price thresholds in Midlothian
You can offer over valuation when purchasing a property through LIFT as long as the price paid does not exceed the threshold for the area and property size. You must fund the offers over amount yourself.
Price thresholds are set by number of apartments. An apartment is a habitable room, including bedrooms, living rooms, dining rooms and box rooms (depending on size). Kitchens, bathrooms and conservatories are not classed as apartments. For example, a three-apartment property could have two bedrooms and a living room.
| Size of home | Threshold |
|---|---|
| 2 apartment (1 bedroom) | £130,000 |
| 3 apartment (2 bedroom) | £145,000 |
| 4 apartment (3 bedroom) | £170,000 |
| 5 apartment (4 bedroom) | £195,000 |
| 6 apartment (5 bedroom) | £320,000 |
Example
A couple with a household income of £33,600 purchased a 3-bedroom home in Midlothian with the help of LIFT.
Property valuation: 140,000
Sales price: £145,000 (including amount offered over valuation)
Scottish Government contribution: £56,000 (40%)
Buyer contribution (mortgage and deposit): £84,000 (60%)
In this example, the buyer contributed £5,000 of savings to offer over the valuation price. The Scottish Government contributed 40% of the property price and will get the same percentage back when the property is sold. The buyer can choose to increase their share in the property over time.
How to apply
Link Housing administer the scheme on behalf of the Scottish Government.
- More information on the scheme on the Scottish Government website
- lift@linksharedequity.co.uk
- 0330 303 0125