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Link Group Explains Shared Equity Schemes in Scotland

Posted 21 August 2019 by Keith Osborne

Link Group describes a range of schemes available to help Scottish homebuyers get on the property ladder...

Link Homes, part of the Link group of social housing and regeneration companies, here describes a range of schemes which help Scottish homebuyers get on the property ladder.

The organisation, which will be exhibiting at the Homebuyer Show Scotland at the Glasgow Royal Concert Hall in Saturday 19 October, has helped almost 25,000 buyers through shared equity schemes funded by the Scottish government.

With house prices on the rise, first-time buyers can struggle to save a large enough deposit. Other buyers, including those over the age of 60, may also need assistance to buy a home that meets their needs. There are three main shared equity schemes that can help:

  • Help to Buy (Scotland) Affordable New Build scheme for anyone looking to buy a new build who can’t afford the full price
  • LIFT (Low-cost Initiative for First Time buyers) Open Market Shared Equity scheme for first-time buyers and other priority groups
  • LIFT New Supply Shared Equity for brand new homes built by housing associations including Link, for first-time buyers and other priority groups

What is shared equity?

Buying through a shared equity scheme means that you normally pay the majority share of the property with a deposit and mortgage – and the Scottish government funds the remaining share. Over-60s do not require to take out a mortgage for their share. The Scottish government holds its share under a legal ‘shared equity agreement’ and ranking agreement. Their percentage share is paid back when the property is sold, or earlier if you choose to increase yours.

Choosing the right scheme for your own circumstances depends on what type of property you want to buy and how much you can afford to contribute. Each scheme has eligibility criteria and property price limits. Always seek advice from an independent financial advisor before applying.

Help to Buy (Scotland) scheme

Link administers the scheme on behalf of the Scottish government across Scotland (excluding Grampian and Highland areas) and has helped over 13,100 buyers purchase a home through the scheme since 2013.

Through this scheme you can:

  • Buy a brand-new property from a participating housebuilder
  • Get funding of up to 15% towards the purchase price of a property
  • Buy a home of up to £200,000, irrespective of whether you are a first-time buyer, if you could not otherwise afford the purchase

For more information visit this page on Whathouse.com or the Scottish government’s website.

LIFT Schemes

There are two LIFT schemes – one for existing properties (Open Market Shared Equity) and the other for new builds (New Supply Shared Equity). Both schemes are for first-time buyers and other priority groups including over-60s, disabled people and their families, social renters, Armed Forces personnel and veterans who have left the forces in the last two years as well as widows, widowers and other partners of service personnel for up to two years after their partner has lost their life while serving.

LIFT Open Market Shared Equity Scheme

Link administers this scheme throughout Scotland on behalf of the Scottish government and has helped over 11,800 buyers since 2007. Through this scheme you can:

  • Buy a property advertised for sale on the open market.
  • Get funding of up to 40% towards the purchase price of a property.
  • There are limits on the size and price of property you can buy.

To find out more, visit www.linkhousing.org.uk/LIFT .

LIFT New Supply Shared Equity Scheme

Through this scheme you can:

  • Buy a brand-new property from a participating housing association such as Link Group Ltd.
  • Get funding of up to 40% of the purchase price of a property.

For more information about the properties available from Link, visit www.linkhousing.org.uk/NSSE. For information about properties available from other providers, visit the Scottish government’s website.:

Colin Culross, director of development & asset management at Link Group, said: “Shared equity schemes funded by the Scottish Government are a crucial housing option for many people in Scotland who may otherwise struggle to buy their own home. Our team continues to provide a high-quality, customer-focused service supporting buyers to purchase a home that meets their needs.

“We look forward to attending the Homebuyer Show Scotland, where our team will be able to talk to potential buyers about how Link can help make homeownership a reality for them.”


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