Lift Shared Equity Scheme

Jenn_Jac

Hi all, first time poster here! Been reading the boards the last few months, especially any posts about the Lift shared equity scheme. Anyway, I thought I would share my experiences about the scheme.

I am a first time buyer, myself and my 10 year old son live with my parents just now due to splitting with my partner 2 years ago. I have worked part time for the last 8 years processing mortgages for a major bank - and have been an underwriter for the last 3 of those. I earn a decent enough wage but not enough to buy a place now that I'm effectivly a single mum. This is where the Lift sceme came in - I had dealt with a few mortgage apps from customers before I applied myself.

I applied at the end of April, after 2 weeks they wrote to say my application was pending and they asked me to send some more info - 3 mortgage quotes, payslips, working tax credit confirmation and address ID. I sent the info back and just 2 weeks ago I got my final acceptance letter, or 'passport' as they call it. Based on the mortgage I could raise, they confirmed they could offer up to a 35% share.

I had already found a property, appointed my solicitor and had my mortgage agreed a few weeks prior so I sent off a copy of the home report and sales schedule to the Link Homes (who administor the scheme in Scotland). Just over a week later I had the confirmation letter that they had approved the property.

The next step was for my solicitor to send them confirmation of the expected completion date to allow them to order the funds from the Scottish government. This was on Wednesday this week - the government need 3 clear weeks notice to get the funds to my solicitor - so my completion date is the 26th of this month and my solicitor tied up missives today!

The process hasn't been without its hiccups though. It's very lengthy and sometimes it seems to come to a standstill unless you call to chase them (my usual £25 mobile bill was £116 due to calling their 0845 number constantly - I didnt want to use my parents landline too much!). Also, I think I was at a slight advantage as I know mortgages and the legal process involved in these schemes - and having underwritten several mortgages now where customers are using the scheme I'm sure has helped me gain knowledge of the scheme.

At the end of the day I'm over the moon. I wouldn't have been able to buy the lovely home I'll soon be moving into. Five mins walk from my sons school and 3 streets away from my Mum and Dad, what more could you ask!

Anyway, if youve' read this far, well done! I just felt I should share my experiences as this site and the forum have been really helpful the last few months!

Jen

greenhighlander

Hi Jen, nice to hear it worked out so well. We are in the process of gethering the info for our LIFT application as well. But I am battling to find mortgage lenders that will lend with a Shared Equity Scheme.

Could you suggest some lenders which you found happy to do so?

Thanks
Terri

ahlsilva

Hi Greenhighlander

From my experience of LIFT and shared equity, both RBS and HBOS will do this. There may be more though.

Hope this helps!