Housing Scheme Should Help More People onto the Property Ladder

Military veterans and their bereaved families are set to benefit from a new scheme that will help first-time buyers onto the property ladder. The Scottish Government is investing £13 million into a shared equity programme that will allow the buyer to spread the cost.

The scheme is part of the Scottish Government’s Low-Cost Initiative for First Time Buyers (LIFT), and will be open to those who rent a property that is protected by landlord insurance from either a housing association or the local council. The scheme will allow the successful applicants to use shared equity to buy a property from a housing association, private developer or on the open market. The buyer will take a majority share in a property while the Scottish Government will pay the rest. If and when the property is sold, the Government will receive the value at the time of sale of the percentage equity stake they originally funded.

Housing Minister, Keith Brown, said: “With mortgages harder to access, we are committed to doing all we can to help people on low to moderate incomes across Scotland get on the property ladder where this is affordable for them. These schemes also help our brave armed forces and veterans secure a roof over their heads. It is important that people who have served this country with distinction should have access to this type of assistance.”

House building throughout Scotland has been through tough times during recent years and this investment offers great value for money for both taxpayers and buyers. It will also help the economy by kick-starting more new housing developments and keeping jobs in the construction industry. As well as delivering at least 30,000 new affordable homes over the course of this current parliament, the scheme will help buyers overcome the need for high deposits which are an unrealistic goal for everyone who will benefit from this investment.

Leave a Reply