The lift scheme is a scheme run by the Scottish Government to help people who can’t afford to buy a home. You may have heard about Lift, which stands for Low-Cost Initiative for First-Time Buyers scheme, but aren’t sure of who the scheme is for and the ins and out’s of it. You will be individually assessed for your eligibility as the scheme is for those on low incomes. Your gross earnings and if applicable, a partner’s income will be taken into account. As will any other income you receive such as benefits, bank interest, shareholder profits and pensions. You’re allowed to keep five thousand pounds of personal contributions but anything above this will be treated as a contribution towards the cost of purchasing the home. I haven’t seen any details of what is classed ‘low income’ so it is certainly worth applying for or querying further if you are eligible. The LIFT scheme is run by the Scottish Government, Edinburgh City Council and Glasgow City Council. It is available in various areas of the country; a social landlord needs to be available to offer the scheme in the area. You apply through the social landlord for the lift scheme. Normally you will have to take at least a 60 per cent stake in the home however in certain situations you maybe allowed to drop that to 51 per cent. You will have full ownership of the property whatever stake you take in the property. Responsibility lies with you for uptake of the property, so maintenance, repair costs, insurance and of course mortgage repayments. It is possible to let or sub let the property but only after getting approval from the Scottish Government. If you want to sell the property the stake the Scottish Government has taken will be repaid at the current sale price. If the property has increased in value then both parties benefit from the increase. If you decide to make improvements to the property and the value increases this would be at your expense, the government still gets the same percentage stake back.