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Guide to LIFT Open Market Shared Equity
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The latest news on the LIFT Open Market Shared Equity pilot
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Due to very high demand for the LIFT Open Market Shared Equity pilot, no new applications are being accepted during 2010-11.
- We will not be issuing application packs to people who have enquired about the scheme.
- We are currently prioritising existing applicants who applied during 2009-10 and were placed on a waiting list.
- We are in the process of contacting these applicants to advise them of the changes to the scheme.
How will the Open Market Shared Equity Pilot Scheme operate in 2010-2011?
The Open Market Shared Equity Pilot scheme was set up to help people to buy homes for sale on the open market.
The scheme was temporarily expanded across the whole of Scotland for a one-year period ending 31 March 2010.
Due to the very high level of demand from potential buyers, some applicants who had submitted an application form were placed on a waiting list as all the available funding had been allocated and were placed on a waiting list.
The Scottish Government has allocated £20 million from its 2010 -11 budget to extend the scheme to help some of these waiting list applicants to buy a property.
Link has received a proportion of this budget to assist some of the current applicants to buy in:
- Edinburgh, Lothians, Borders & Fife
- Tayside and Forth Valley
- West Region
Which waiting list applicants will be given priority?
Priority for the available funds will be given to applicants who are First Time Buyers and also are:
- Currently renting a home from a council, housing association or co-operative under a Scottish Secure Tenancy Agreement
- Armed Forces personnel or veterans who have recently left the forces
- Widows, widowers or partners of deceased service personnel
To enable the Scottish Government to help as many waiting list applicants as possible, we have increased the minimum equity stake that a first time buyer must take in a property from 60% to 70% and the maximum equity stake from 80% to 90%.
Only after applicants in the priority groups are considered will RSLs allocate passports to other existing applicants.
Other routes into affordable ownership
For information about other routes into affordable ownership,
- Visit our Buyers' guides section
- or the Scottish Government LIFT web page
Contact the LIFT Open Market Shared Equity team
You can contact the LIFT shared equity team in the following ways
- Telephone us on 0845 155 0019 between the hours of 9am to 5pm
- Or complete the form on this page
