PROPERTIES FOR SALE
Low cost Initiative for First Time buyers
WEST HIGHLAND HOUSING ASSOCIATION are currently building 4 LIFT properties at Kilmelford and 8 LIFT properties at Shillinghill, Tobermory, Isle of Mull. Both developments are due for completion in 2010.
The New Supply Shared Equity scheme aims to help people on low incomes who wish to own their own home but who cannot afford to pay the full price for a house. It is part of the range of assistance from the Scottish Government under L I F T – the Low-cost Initiative for First-Time Buyers. This type of scheme was formally known as HOMESTAKE and the Association recently took part in the sale of 17 properties at Glenshellach in Oban.
Shared Equity means that the Scottish Government will keep a financial stake in the property. You will pay for the majority share in the property normally between 60% and 80%. You will own the property outright but the interests of the Scottish Government will be secured by way of a standard security on the property. Like all home owners you will be responsible for all maintenance, insurance and repair costs, as well as making your mortgage repayments and paying tax to your local authority. You are responsible for keeping your property in a good state of repair. If the property has common or shared areas you will be responsible for paying any common maintenance or service charges.
To qualify for the L I F T Scheme you should be a first-time buyer. You may qualify however if you are looking for a new home after a significant change in your household circumstances or if you have a disability and own a house which doesn’t suit your needs.
As the New Supply Shared Equity scheme is aimed at low income households, prospective purchasers will be means tested to see if they qualify or not. The amount that they contribute must be the maximum mortgage they can reasonably obtain. The overall amount must be enough to pay for the stake and cover all the costs such as survey and legal costs.
If you wish further information regarding L I F T go to www.scotland.gov.uk/LIFT
For information on the properties at Kilmelford and Tobermory contact Ruby Campbell or Susan MacAskill on mail@westhighlandha.co.uk.
 Lift Brochure - Download»
Shillinghill Houses for Sale - Download»
Kilmelford Houses for Sale (UNDER OFFER) - Download»
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