The Open Market Shared Equity scheme has been fully utilised for financial year 2023/24. The scheme is not currently taking any new applications.
The LIFT Open Market Shared Equity scheme is administered by Link Housing on behalf of the Scottish Government.
It aims to help first-time buyers on low to moderate incomes who wish to buy a home on the open market but cannot afford to pay the full market price for a property.
The Scottish Government’s LIFT Open Market Shared Equity scheme is open to the following priority groups:
- first-time buyers
- social renters
- people with a disability who can demonstrate a housing need
- members of the armed forces
- veterans who have left the armed forces within the past two years
- widows, widowers and other partners of service personnel who have lost their life while serving in the armed forces within the last two years
- people aged over 60 with a housing need are a priority group who do not need to take out a mortgage
The Scottish Government contributes between 10% and 40% of the valuation or purchase price (whichever is lower) of a home you choose on the open market. If the property is sold, the same percentage of the sale price is returned to the Scottish Government.
The Scottish Government’s contribution depends on the amount you can afford to contribute from savings and a mortgage.
The LIFT scheme is free to apply to and there is no obligation to buy a property once you have been approved.