Page 27 - ESPC Magazine - September2021

MORTGAGE ADVICE

FIRST-TIME BUYERS – NEED A LIFT?

With many first-time buyers in need of a little extra support for that first leap into the world of
property, it’s good to know that help is available. Murray Souter, ESPC Mortgages adviser, explains
everything you need to know about the LIFT scheme.

The Low-cost Initiative for First Time Buyers meaning the Government will no longer have
(LIFT) is a Scottish Government shared equity a share.
arrangement, which has helped more than
12,000 people to buy a home. There are two A maximum threshold price applies to the
LIFT schemes: Open Market Shared Equity OMSE scheme, with different thresholds
(OMSE), and New Supply Shared Equity (NSSE). across Scotland. AFFORDABLE HOMES

WHAT IS LIFT? HOW TO APPLY AVAILABLE IN EDINBURGH
The OMSE scheme is for people who cannot The application process differs, but all of the
afford the full price of a home in the open information can be found on the Scottish
market. The NSSE scheme allows buyers Government website. Mortgage advisers can A number of properties at Cammo Meadows are ‘Golden Share’ homes
to purchase a new-build from a housing discuss your application, and help you find the meaning that the for sale price is capped at an affordable level – you will
association or local council. most appropriate mortgage. own 100% of the property but the price is capped at 80% of the market
value on the fi rst sale and all subsequent re-sales.
Both schemes are open to first-time buyers ESPC Mortgages offer expert independent
and certain priority groups across Scotland, mortgage advice in Edinburgh. Get in Maybury Road, Edinburgh EH4 8DY
with low to medium incomes. touch with the team on 0131 253 2920 or
fsenquiries@espc.com
HOW DOES IT WORK?
Buyers purchase the bigger share of the
property (usually 60-90%), and the Scottish
Government contributes the remainder.
For example, if you pay 75%, the Scottish
Government will pay the remaining 25% and
hold this under a shared equity agreement with
you. You’ll need a minimum 5% deposit, to add
to the mortgage and Government share.

You’ll have complete ownership and the same
responsibilities as any other homeowner, Two bedroom homes A range of apartments and houses Prices from £195,200
including paying the mortgage, council The information contained in this article is provided in good
faith. Whilst every care has been taken in the preparation of the
tax and insurances, as well as any costs information, no responsibility is accepted for any errors which,
associated with the purchase. despite our precautions, it may contain. No individual mortgage
advice is given, nor intended to be given in this article.
If you sell, the Scottish Government receives See the Difference at dwh.co.uk
The initial consultation with an ESPC Mortgages adviser is free
a share equivalent to the original contribution, and without obligation. Thereafter, ESPC Mortgages charges or call 0333 355 8461
i.e., if it paid 25% of the purchase price, it for mortgage advice are usually £350 (£295 for first-time
would receive 25% of the sale price, even if buyers). YOUR HOME MAY BE REPOSSESSED IF YOU DO
that figure is greater. In most cases, you can NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER
LOANS SECURED AGAINST IT. ESPC (UK) Ltd is an Appointed Offer available on selected plots only. Terms and conditions apply. See website for details, subject to contract and status. Prices correct at time of publishing if
increase your share during your ownership, Representative of Lyncombe Consultants Ltd which is mentioned. Images include optional upgrades at additional cost. Following withdrawal or termination of any offer, we reserve the right to extend, reintroduce or
amend any such offer as we see fi t at any time. Barratt Homes is a brand of BDW TRADING LIMITED (Company Number 03018173), a company registered in England
with the option to own your home outright, authorised and regulated by the Financial Conduct Authority. whose registered offi ce is at Barratt House, Cartwright Way, Forest Business Park, Bardon Hill, Coalville, Leicestershire LE67 1UF, VAT number GB633481836. Calls to 03
numbers are charged at the same rate as dialling an 01 or 02 number. If your fi xed line or mobile service has inclusive minutes to 01/02 numbers, then calls to 03 are
counted as part of this inclusive call volume. Non-BT customers and mobile phone users should contact their service providers for information about the cost of calls.
These properties are available to those who meet the affordability criteria for the City of Edinburgh Council’s Golden Share scheme. Ask our Sales Adviser for full Ts&Cs.
26 ESPC.COM