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Shared Equity LIFT Scheme in Scotland

Last post Tue, Sep 11 2012, 10:29 AM by xashleybx. 5 replies.
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  •  Tue, Sep 11 2012, 10:29 AM

    Re: Shared Equity LIFT Scheme in Scotland

    Hi, my partner and I are also looking into this scheme and was wondering if anyone knows how to apply for this? Thanks :) x
    • Post Points: 5
  •  Fri, Jul 10 2009, 11:40 AM

    Re: Shared Equity LIFT Scheme in Scotland

    Thanks again for all your help.

    • Post Points: 20
  •  Fri, Jul 10 2009, 10:36 AM

    Re: Shared Equity LIFT Scheme in Scotland

    lol this is again similar to my situation

    I say be honest with your advisor. Because it is a few years ago and because potentially you could have a 40% deposit through the government you should be absaloutely fine. Try it with the both of you first. I had problems 2 years ago but I now have an A+ rating. Defintely try with the bank you bank with as that came out the best for us. I had sleepless night thinking we wouldn't be elligable and that would be our chances shot however we are elligable for a very good mortgage so like I say don't let it worry you. The advisors are there to help

    • Post Points: 20
  •  Fri, Jul 10 2009, 10:28 AM

    Re: Shared Equity LIFT Scheme in Scotland

    Thanks for your reply, this will help us alot, going to make an appointment soon. The only other thing is I have a couple of defaults on my account from 4 -5 years ago, will this stop me from obtaining a mortgage with my partner who has a good credit history?

    Or would he better getting a mortgage on his own?

    Thanks

    Christina

    • Post Points: 20
  •  Fri, Jul 10 2009, 10:09 AM

    Re: Shared Equity LIFT Scheme in Scotland

    Hi

    We are also applying for this - The governments percentage acts as the deposit. The main point of this scheme is to help the people who cannot afford their own deposit and won't be able to in the near future. I will however warn you some banks and building societies are asking you to have a percentage deposit on top, which completely defeats the purpose but anyhoo. I managed to get a quote/mortgage promise with bank of scotland/halifax, Lloyds TSB and Royal Bank of Scotland without having any deposit. However one of our local building societies wanted us to have a ten percent deposit.

    Hope this helps!

    • Post Points: 20
  •  Thu, Jul 09 2009, 12:43 PM

    Shared Equity LIFT Scheme in Scotland

    Hi

    I am looking to apply to the Scottish Goverment LIFT, Open Market Shared Equity Scheme. Where the Scottish Goverment Fund between 20% and 40% of the property, within certain circumstances, and take their percentage back when property is sold, or you can eventually buy them out

    My question is, do you still require a deposit for a Mortgage with this sheme? Or does the govenments percentage act as the deposit?

    Thanks

    • Post Points: 20