LIFT Scheme Scotland

jeleigh

Hi,

My partner and I have just sent off our lift application (yikes!!) and would like some advice from anyone willing help

So, the mortgage adviser filled everything in and because we have no deposit, the only mortgage company willing to lend is Skipton. The mortgage advisor said he would apply to Skipton before sending the application to Lift and get back to me with the result. So, today I have received a voicemail on my phone from the mortgage adviser to say that he heard back from Skipton and everything was fine subject to bank statements etc being ok... what exactly does he mean??? I thought it was an application to apply to put them on the Lift application and we would apply to them officially after the Lift application is approved?
(The application to Lift was posted today)

My head is so pickled right now, everything is gobble-de-gook :rotfl:

Thanks

kingstreet

You would normally obtain an agreement in principle from the lender now and supporting documentation would be needed for the full mortgage application.

Have you been asked to provide card details for the lender's valuation fee? If you haven't, you're only at AIP stage.

If you have, a full application may have been submitted. That would be premature, as you do not yet have the shared equity offer from the Scottish Government.

jeleigh

Thank you for your reply! That makes sense now, I do seem to remember my mortgage adviser going over this but there is just so much to take in that I got rather confused!
Thanks again

Ellpopz

Hi I know this is an old post, was wondering how the outcome was on all of you?
I have just sent my application away, the lift scheme will be in both mine and partners name but the mortgage will only be in my partners name, as my credit isn't he best, has anyone done it this way before?
Also have been told my advisor we were accepted mortgage on principle?

Bono1994

I advise anyone using Lift to pick your own lawyer. I wish I did the same would of been £480 cheaper if I did.
Pick your own insurance
If your using a broker they will only do what is in their benefit and not yours. They claim that they won't be getting a cut from anyone apart from the bank but they get a cut from everyone

kingstreet

Bono1994 wrote: »

I advise anyone using Lift to pick your own lawyer. I wish I did the same would of been £480 cheaper if I did.
Pick your own insurance
If your using a broker they will only do what is in their benefit and not yours. They claim that they won't be getting a cut from anyone apart from the bank but they get a cut from everyone

We don't, so don't assume everyone works the same way.

We are paid commission by the lender which is between 0.3% and 0.35% of the loan on a residential and a broker fee if one is charged.

We get nothing from solicitors, builders, surveyors etc.

If you accept advice on protection from a broker, they will receive commission on this, but ensure they are not tied to one provider as you may get higher premiums and/or lower quality cover.

rdornan91

I have had my lift application approved and a decision in principle granted, still looking for a property and running out of time! I know they can extend the lift for upto 6 weeks. my question is if you fail to find a property can you re apply in the future?
I come under the 2 bed upto the value of 120k looking at having to put down a 3.5k deposit and solicitor fees on top of that..
Is there anyway you can put a lower deposit down?
the best solicitor quote I have received is £1100 can anyone recommend anywhere cheaper?