lift open market shared equity scheme

weesie81

oh no :rolleyes:

fingers crossed for lloyds tsb we discounted them due to not lending us very much am sure they were on a par with RBS figures for us.

thanks for all the info,least i know i do need deposit now.

jb1305

I went into First Mortgage yesterday and found them very helpful. I got my 3 quotes and AIP. The forms were posted off this morning. I was told that they are no longer sending out application forms due to the backlog, so I really hope I've not missed the boat with this one.

Wondered if anyone could answer the following:
I currently rent in an up and coming development with lots of new flats being built. I've spoken to one developer and they are building flats which will be completed next Summer (for a great price). If I was accepted for LIFT and the flats were still available, would I be able to go for one of them? I wasn't sure as obviously I'd not start paying the mortgage on them until I moved in.

It's just one of my options and I wanted to see if people knew any more.

weesie81

i don't think it would happen sorry, as if you get approved you only have 12 weeks to find something to buy have it approved and make an offer.

i also noticed they are no longer sending out applications to the east, just west.

jb1305

Thanks for replying.

I'm not sure if I made it clear - you can purchase the properties now, but they wont be completed until the Summer. So you would have the deposit paid and mortgage in place - you just wouldn't start paying the mortgage until you moved in. It's just something I've been thinking about - but don't know if it's possible so any adice is appreciated.

Auzelia

you need to send the LIFT people the home report of the property for it to be approved.
I only had to send in one AIP with my application. When I done it they said it was a 6 week turnaround, then I got a letter stating an extra 2 weeks etc until 12 weeks was up and I got the passport letter from them.

Good Luck everyone

jb1305

By saying that I would need to send LIFT the home report, do you mean it would be possible to purchase a new build due for completion next Summer?

Think I'm going to speak to more developers in the area - some of them offer their own shared equity schemes. Thomas Mitchell homes do although they wanted a 5% deposit which I don't have. Persimmon are also offering their own scheme, gonna see if they want a deposit.

weesie81

hi sorry think i had read that wrong before.... i have no idea if they would let it happen why not ring linkhomes? you may need to try a few times but you will eventually get through.

they got my application on 17th august feels like ages ago... so tomorrow is start of 5th week and i am so impatient wish they would hurry hurry :rotfl:

JFW22

Hi there, I'm in the process of applying for the LIFT Scheme. I know its about a 12 week wait but I'm finding it a bit confusing!

It says I need 3 mortgage quotes which I haven't done yet!! I'm a first time buyer and don't have a decent deposit saved up yet (which is why I'm looking at this scheme).

I'm living at home with my parents (to save £££) but don't know if this will count in my favour or not. If you can offer any advice to help me get my application approved, that would be great!!

Thanks,

jb1305

Hi. Where about are you based? I went to my nearest branch of First Mortgage and got my quotes and AIP from them for free. www.firstmortgage.co.uk

You could contact a financial advisor and get help from them but I don't know how much that could cost you. I went to First Mortgage as they were recommended on here (and are free!)

weesie81

as has been said you can contact first mortgage who are whole of market and fees free or you can go into branches yourself and ask to speak to a mortgage advisor,some are more helpful than others to be honest.

if you have no deposit then do not try halifax or nationwide as both require 5%

good luck