Scottish Government LIFT Open Market Shared Equity Scheme 2010

triggerhappy_2

Since new passports stopped being issued back in November to most people I figured it was probably time for a new thread for (hopefully) this year's applicants.

I suspect it will go ahead since the document that explains what it's all about was amended on the Scottish Government's website on 29th January, but I haven't heard anything official.

If the scheme goes ahead this year, new applications will likely be invited from April and, if what Link Homes said to me in November is correct, previous applicants will be contacted to see if they still want to go ahead.

Towards the end of the last thread, it was looking like applicants were being asked for a 5% deposit from the banks, despite them originally offering to stump up without a deposit at the beginning, but that might still change between now and the relaunch of the scheme. Here's hoping anyway!

So, those that were successful last year:

- how did it go?
- how is your new house?
- any tips for new (and old) applicants?

I'll be keeping my eyes peeled for any new announcements. Say hello if you're considering applying this year!

Melissafairy

I will definitely be applying this year - it is such an amazing scheme. Being a single person means that it is pretty much impossible to buy a house on the open market without any kind of assistance. I have been keeping an eye on this scheme for months and have noted my interest so hopefully they will get in touch if it goes ahead.
Fingers crossed!

triggerhappy_2

Not long after I started this thread I got a letter telling me to go ahead and start looking for a house as I had been accepted under the 09-10 scheme (presumably someone dropped out). I was only given 4 weeks to find a property - I don't know how, but I managed it! As long as everything goes to plan, I get the keys on 9th April!

Best of luck with your application!

_amanda__2

Ooo wow 4 weeks! Good luck in your new home Trigger :beer:
I am just googling now to see if there is any info on the 2010 scheme starting. We ended up not applying last year so I have everything crossed that they are re-doing it this year and we can apply :j

Turnbull2000

Melissafairy wrote: »

it is pretty much impossible to buy a house on the open market without any kind of assistance.

Yet the open market might be affordable if it were not for these subsidised schemes. So instead of new developments being priced in line with earnings only, it's priced in line with earnings + government subsidy. Think about it.

brit1234

Think about the dangers if you ever have to sell, my friends regretted doing the english scheme.

_amanda__2

yes the danger being you only get back what you pay in

ShortieT

I was hoping to be able to apply for this scheme this year. Had registered my interest on the Link Housing website last month in order to be notified when new applications were starting (haven't heard anything yet).

Was checking the Link Housing website today (sorry can't post a link as i haven't made enough posts yet) and it looks like there has been some changes for this year:
-no new applicantion packs being issued this year (not sure if it means at all or just not yet)
-those who were put on the waiting list after money ran out last year are being prioritised and are being contacted about getting funding this year
-the equity stake the first time buyer must take is being increased from between 60% and 80% to between 70% and 90%

The last point is both a good thing and a bad thing - good because the money provided by the government will go further and help more people but bad becasue it may mean that for some people they won't be able to use the scheme without providing an additional deposit on their own.

Hopefully people who were on the waiting list from last year can post here to let us know when they get contacted and how there are progressing.

Shortie

Glendarroch

Thanks for the update, it looks like it's a case of wait and see then Annoyed with myself now, as I got the form last year, and didn't get around to sending it in - sounds like there's no point in sending it in now, as they'd probably just bin it.

triggerhappy_2

Turnbull2000 wrote: »

Yet the open market might be affordable if it were not for these subsidised schemes. So instead of new developments being priced in line with earnings only, it's priced in line with earnings + government subsidy. Think about it.

I was talking about the open market LIFT scheme - they don't provide financial support for new supply housing so someone using this scheme will pay exactly the same as anyone else, rather than there being any artificial inflation of prices. There's a separate scheme for new supply, but I am not familiar with it, nor is it what is being discussed in this thread.

I get the impression you're not too familiar with the specific scheme being discussed here, there's more information here if you're interested:

http://www.scotland.gov.uk/Publications/2010/01/27142918/1

kelda_shelton

The LIFT scheme really hasn't got any issues about what you pay in versus what you might get back. Its quite dfferent to English schemes.

If you pay 3/4 for the house you'll get 3/4 of any profit or loss made when it eventually sells. Simple as. It's very different to shared ownership. You're buying and selling on the open market against anyone else.