Buying your first home can be a daunting task, and it can be very difficult to raise enough funds without financial assistance. Thankfully, the Scottish government contributes to a percentage of the cost through the Low-cost Initiative for First-Time Buyers (LIFT) scheme.

Let’s take a closer look at what the LIFT scheme is, who is eligible, and how you can apply to become a part of the scheme.

What is the LIFT scheme?
The LIFT scheme, which replaced the Help to Buy scheme in 2023, is a shared-equity programme aimed at helping people purchase their first home in Scotland. Although the LIFT scheme is split into two very similar sub-schemes, the New Supply Shared Equity (NSSE) scheme is the only one that is currently open for new applications, as the Open Market Shared Equity (OMSE) scheme is not taking any new applications until next year’s budgets have been decided.

The NSSE scheme allows first-time buyers to purchase a new-build property from a council or housing association. This scheme requires buyers to cover just 60 to 80% of the property’s cost, while the Scottish government holds the remaining share. The buyer owns the home outright and has their name on the title deeds, but to ensure the Scottish Government's share is safeguarded, there will be a mortgage (also known as ‘standard security’) on the property.

Who is eligible?
The NSSE scheme is open to all first-time buyers in Scotland, as well as:

• Disabled people
• Members of the armed forces
• People aged 60 or over
• Veterans who have left the armed forces in the past 24 months
• Those who have previously owned a home and have had a major change in circumstances

How to apply
To apply for the NSSE scheme, you need to get in touch with your local council or the appropriate registered social landlord directly to receive more details about the scheme and instructions on how to submit an application. The social landlord will require information about your current income, the size of mortgage you can afford, the amount of personal contribution you can make to the costs, details about your household, and your current place of residence as part of your application.

Increasing your share
After purchasing a home through the LIFT scheme, you will have the option to buy a larger share of your home further down the line. If you wish to do this, you must increase it by 5% per year. You can normally increase the share all the way to 100%, but in some cases, the government may retain up to 20%. This is known as the 'golden share', and it primarily occurs when you live in an area with less affordable housing. Your local estate agent will be able to determine whether your shared equity arrangement includes a 'golden share'.

Selling your home
You are free to sell your home at any time, no matter what share percentage you have in the property, as long as you obtain a home report and get in touch with the administering agent for your region of Scotland before listing it for sale. Your equity ownership in the property will determine what proportion of the sale price you receive. For example, if you had a 90% stake in your home, you would receive 90% of the sale price, with the remaining 10% going to the Scottish government.

How your agent can help
A trusted estate agent will help you with all aspects of your LIFT scheme application. They will assist you in determining how much of a share you can afford to buy and locating a property that can be purchased from a council or a housing association. They will help you get in touch with the council so that you can give them your details and complete the application. Additionally, they will help you calculate whether or not you can afford to increase your share and help you sell the property for a good price if you decide to do so in the future. When the OSME scheme reopens for applications later this year, your estate agent will let you know what opportunities arise as a result.

 

Looking to buy your first home? Contact us today

 

 

Full Moons represent the cyclical nature of life, death & rebirth. They have been associated with enlightenment & illumination & have been celebrated for centuries. When the moon is full it heightens are senses, abilities & emotions, but by coming together to harness the lunar energies we can use it for our greater good & healing.

Cardiff & Vale Parent's Fed AGM and lunch Join us for the annual Cardiff & Vale Parent's Federation Annual General Meeting (AGM) and lunch! This in-person event will be held at The Sir Samuel Romilly - JD Wetherspoon, Barry, UK. It's a great opportunity to connect with other parents, share experiences.

 

Whether it's freezing cold or scorching hot outside, adequate insulation is essential for maintaining comfort inside your home while keeping energy bills to a minimum. Let's look at the impact of insulation, how you can insulate your home, and how it helps lower your energy expenditure.

The importance of good insulation
Insulation plays a crucial role in maintaining energy efficiency and keeping warmth inside your home by reducing the exchange of heat between the outside and inside of your home. Good insulation helps to keep your home at a consistent temperature, preventing it from becoming too hot in the summer or too cold in the winter.

It also has other benefits, such as soundproofing your home and reducing the amount of moisture in your home to prevent damp.

The impacts of poor insulation
Inadequate levels of insulation can have a hugely detrimental impact on your home, as it can lead to unwanted temperature exchange through your walls, flooring, and roofing. It can cause inconsistent temperatures throughout different areas of your home, making it difficult to keep your home at a desirable overall temperature.

Poor insulation can also contribute to the growth of mould and mildew through a build-up of moisture, which could pose potential health risks to you and your loved ones.

Different ways to insulate your home

Draught-proofing
Blocking unwanted gaps around windows, doors, and floors can help keep the cold air out and the warm air in. Placing draught excluders against your doors and using sealant or filler to remove any gaps in walls and windows are good ways of preventing cold draughts rushing through your home.

Roof and loft insulation
The cheapest and easiest way of insulating your home is by installing loft insulation, which acts as a barrier to reduce heat loss by trapping air within layers of high-quality material such as mineral wool. According to the Energy Saving Trust, you could save between £260 and £475 a year by installing mineral wool insulation at a thickness of 270mm, depending on the type of property you live in.*

Underfloor insulation
Floor insulation forms a barrier that protects your home from the circulation of air beneath your property. This type of insulation is particularly effective in older homes that have suspended timber floors, compared to the concrete flooring commonly used in newer properties. Underfloor insulation can save you between £75 and £195 annually.*

Cavity wall insulation
The vast majority of homes built in the past 100 years have cavity walls, which are insulated by sealing the space between the inner and outer walls with cement. This type of insulation can save you somewhere between £145 and £520 per year.*

Impact on a home’s energy rating
Good insulation can make a huge difference on your home’s energy rating, as it acts as a thermal barrier to regulate heat transfer between the interior and the external environment, therefore reducing the demand for heating and cooling systems. By preventing draughts and keeping warm air inside your property, insulation helps to keep heating costs down in the cold winter months.

It is also useful for warmer climates, as it reduces the amount of energy needed to cool your home and keep it at a consistent temperature.

A home’s energy rating and insulation will be taken into account when a surveyor calculates the value of your property. Therefore, if you’re looking to sell your home, good insulation can help you achieve a higher sale price.

The Great British Insulation Scheme (GBIS)
Cavity wall, loft, and roof insulation are all available under the Great British Insulation Scheme (GBIS). To qualify for the scheme, your property must be in council tax categories A-D in England or A-E in Scotland and Wales and have an Energy Performance Certificate rating of D or lower.

Your local estate agent will be able to check your eligibility for the scheme and help you with your application.

 

Contact us today if you’re looking to move to a more energy-efficient home

Energy Saving Trust*