Low cost Initiative for First Time buyers (LIFT)
Get a LIFT onto the property ladder in Midlothian
The LIFT OMSE scheme helps first-time buyers, and other priority groups including current local authority and housing association tenants, get onto the property ladder.
The Scottish Government provides funding of between 10% and 40% of the property valuation or sale price (whichever is lower) and gets the same percentage back when the property is sold. In most areas, you can choose to increase your share in the future.
From 17 August 2022, you can offer over valuation when purchasing a property through LIFT as long as the price paid does not exceed the threshold for the area and property size. You must fund the offers over amount yourself.
When buying through the LIFT scheme, you choose a property for sale on the open market. You can purchase any size of property as long as it is large enough to avoid overcrowding. To be eligible, the property must be:
- Advertised for sale publicly e.g. on a website or social media site, and
- Have a sale price (including any amount paid over valuation) within the maximum threshold for the area.
Price thresholds in Midlothian
Property price thresholds have increased in Midlothian, meaning a higher number of properties in the area could be eligible to purchase through the scheme. Buyers in Midlothian can now consider properties up to the below price thresholds:
| 2 apartment (1 bedroom) | £130,000 |
| 3 apartment (2 bedroom) | £145,000 |
| 4 apartment (3 bedroom) | £170,000 |
| 5 apartment (4 bedroom) | £195,000 |
| 6 apartment (5 bedroom) | £320,000 |
* Price thresholds are set by number of apartments. An apartment is a habitable room, including bedrooms, living rooms, dining rooms and box rooms (depending on size). Kitchens, bathrooms and conservatories are not classed as apartments. For example, a three-apartment property could have two bedrooms and a living room.
LIFT example
A couple with a household income of £33,600 purchased a 3-bedroom home in Midlothian with the help of LIFT.
Property valuation: 140,000
Sales price: £145,000 (including amount offered over valuation)
Scottish Government contribution: £56,000 (40%)
Buyer contribution (mortgage and deposit): £84,000 (60%)
In this example, the buyer contributed £5,000 of savings to offer over the valuation price. The Scottish Government contributed 40% of the property price and will get the same percentage back when the property is sold. The buyer can choose to increase their share in the property over time.
In addition to first time buyers, the following groups get priority access to the scheme:
- 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 who can demonstrate a housing need
How to apply
Link Housing administer the LIFT scheme on behalf of the Scottish Government for the whole of Scotland. Applications to the scheme are made through Link’s dedicated LIFT team.
- More information on the scheme on the Scottish Government website
- email: lift@linksharedequity.co.uk
- call: 0330 303 0125