Mortgage Insurance Calculators About How it Works
   Back | How it Works
Securing an excellent mortgage offer with Revolution Finance Brokers couldn't be easier
1Get in Touch
Complete a quick form to give us an overview of your mortgage or financing requirements, and we'll provide recommendations about the best opportunities for you.
2Submit Your Application
Once you've chosen your preferred mortgage deal, we'll steer you through the paperwork with comprehensive application management from start to finish.
3Mortgage Completion
Revolution Finance Brokers will finalise the details and enable you to move forward without delay!
   Back | About
   Back | Insurance
   Back | Calculators
   Back | Your Mortgage Position
Your Mortgage Position
Bad Credit
Bridging
Buy to Let
Development Finance
Self Employed
Mortgage for professionals
Lifetime Mortgages
Expat mortgages
Interest Only
Mortgage Affordability
Mortgage Application
Income Types
Residential Mortgages
Commercial Mortgages
Property Types
Remortgages
First Time Buyers
Mortgage Declined
Offset Mortgage
Other
   Back|Bad Credit
   Back|Bridging
   Back|Buy to Let
   Back|Self Employed
   Back|Expat Mortgage
   Back|Interest Only
   Back|Income Types
   Back|Property Types
   Back|Remortgages
   Back|Other Mortgages

What are LIFT Mortgages in Scotland?

What is a Scottish lift mortgage, when might you need one, and are you eligible for the ideal mortgage product?

Discover What Our Customers

Have to Say!
Discover What Our Customers
Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2023-05-09
twitter  linkedin  

What are LIFT Mortgages in Scotland?

The LIFT mortgage scheme in Scotland stands for Low-cost Initiative for First-time Buyers. It is designed to make it easier for first-time buyers to get onto the property market.

The Scottish Open Market Shared Equity Scheme, aimed at buyers who have lower-incomes, manages this initiative.

In essence, the scheme provides 10% to 40% funding towards the cost of a home to help successful applicants.

Here we'll run through how LIFT works and who is eligible. If you are looking for a LIFT mortgage or need more advice about financial support schemes, give the mortgage advisors team a call on 0330 304 3040, or email us at [email protected].

How Can the Scottish LIFT Scheme Help me Buy a Home?

The Scottish Government will finance a proportion of your property purchase cost and own the stake that they fund.

Your share needs to be between 60% and 90% of the property, and they will pay for the remaining balance.

There are rules about the types of property that you can purchase through LIFT, and you can only buy a home that is deemed as suitable for your needs and the size of your family.

Each region has a different price limit, determined by the local authority in that area.

To be eligible to apply, you need to meet these requirements:

  • Be at least age 18 and a UK citizen.
  • Purchase a property in Scotland.
  • Usually, be a first-time buyer.
Why Revolution Brokers?

Whole of market brokers Whole of market brokers

Mortgage that suits you Mortgage that suits you

On time customer support On time customer support

Who Gets Priority for the Lift Mortgage Programme?

All first-time buyers in Scotland can apply. Still, if you fall into one of the below categories, you will get priority:

  • Renting from a council or housing association.
  • Disabled people.
  • Aged over 60 years old.
  • Member of the armed forces, or a veteran who has left the forces within two years.
  • A service personnel partner or widowers for up to two years following the bereavement.

Does the LIFT Mortgage Scheme Require a Deposit?

The scheme itself doesn't, but your lender might well do. Most mortgage lenders need a 5% deposit as an absolute minimum, with 10% or 15% being more common.

Your lender will assess your application to decide what they can offer to lend and what size deposit they require. The factors include:

  • Your age and type of employment.
  • How much you earn and how much you spend.
  • Your credit history.
  • How old you are.

Can I Use an Online Calculator to Work Out the Costs of a LIFT Mortgage?

There are plenty of calculators online, but these can only ever provide a rough estimate, so they shouldn't be relied on for accurate information.

Suppose you need to know whether you are eligible for a LIFT mortgage, how much you can borrow, or what deposit you require. In that case, the best option is to consult an independent broker who can calculate this for you customised to your circumstances.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

twitter  linkedin  

Further Reading

Explore Explore Our Presence Our Presence

Explore Explore Our Presence Our Presence

Securing an excellent mortgage offer with Revolution Finance
Brokers couldn't be easier:

Revolution Mortgage Brokers:100% 100%
Independent & Whole-of-Market

As specialist mortgage brokers for a huge variety of applicants, the whole-of-market consultants at Revolution provide access to an exceptional range of lenders, products and mortgage deals. That means you get the advantage of professional negotiation and broker-exclusives through an established lending network to ensure we always find you the most competitive mortgage available.

Refer, Relax

andget £50get £50
We are proud
members of the:
NACFB
Refer, Relax

FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

Ask the Expert
Mortgage Brokers

Revolution Brokers
What can we help you with today?
Do you have a particular timescale in mind?
Next
Which situation from the below list best matches your requirements? *
Could you tell us the market value of the property?*
Please let us know a rough idea of your yearly income (before tax) for all applicants? *
Back
Next
Primary applicant name *
Contact email address *
Best contact number *
Back
Next