The Open Market Shared Equity Pilot scheme is part of The Scottish Government’s Low-cost Initiative for First Time Buyers (LIFT) scheme and helps people on low incomes to buy homes that are for sale on the open market. This scheme is now available in West Dunbartonshire.
It is a shared equity scheme which means that you will pay for a majority of the property – normally between 60 and 80 per cent of the price - while the Scottish Government will hold the remaining share.
The Open Market Shared Equity Pilot is aimed mainly at first time buyers, such as people living in social housing or the private rented sector, but it can also help disabled people or those with particular housing needs and others whose housing needs are changing.
There are limits set on the price of a property you can buy under this scheme. For West Dunbartonshire these prices are as follows:
|
Number of Apartments
|
Maximum Price
|
|
2
|
£65,000
|
|
3
|
£75,000
|
|
4
|
£90,000
|
|
5
|
£155,000
|
|
6
|
£190,000
|
As the scheme is targeted at low income households, you will be assessed by the administrator to see whether you qualify. It is expected that you will contribute the maximum mortgage you can reasonably afford plus any personal contribution you can make from savings.
In West Dunbartonshire the scheme is administered by Link Homes. Further information and advice, together with an application form, is available from Linkhomes who can be contacted at Link Homes :
Link Homes
Watling House
Callendar Business Park
Falkirk
FK1 1XR
Tel: 0845 1550019 e-mail: lift@linkhaltd.co.uk
Or write to :FREEPOST LINK HOMES (no stamp required)
If your application is approved you will receive confirmation that you may proceed to look for a suitable property, details of the maximum price that you can pay and the information on the next steps to buying your home. You will need to appoint a solicitor to act on your behalf to complete the work involved in buying a home
You can find more information about the Scottish Government’s LIFT initiative at:
http://www.scotland.gov.uk/LIFT
