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The LIFT Housing Scheme Helps Families on Low Earnings

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The LIFT housing scheme has been helping those on low to moderate earnings with buying an affordable home. The scheme has been around the preliminary stage the past eighteen months. It is known as The Open Market Shared Fairness Scheme and the Scottish Government has announced it will be expanded to cover the whole of Scotland. You will certainly be hearing more about it as press coverage increases for the scheme.Rumah Selangorku

This housing scheme, as the name suggests, helps those unable to purchase a home that is on the open market. The scheme is open to those are able to prove that their financial circumstances stop them from being able to purchase a home.

The Scottish Government has empowered 'social landlords' to run the lift housing scheme. These are local authorities and property companies that will assess your needs, you will have to prove your income and shown that help is needed for you to be able to pick the home.

That the lift housing scheme works is that the Scottish Government will take an fairness pole in the property. Normally this will be between 20 and 40 percent and can be no more than forty nine percent, which will only be in exceptional circumstances. The purchaser is then left to acquire a mortgage for the part not covered by the lift housing scheme but for a greatly reduced amount. As they need not borrow as much the risk is gloomier for lenders so it may be possible to get a better rate for the mortgage coupled with lower monthly repayments.

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