The Scottish Government announced increased funding for the LIFT mortgage scheme this week. Deputy First Minister announced £20 million will be made available to support the scheme through to April 2014. This money goes to assist first time buyers to buy property by the government effectively offering an interest free deposit, generally repayable on later sale of the property. The Low Cost Initiative for First Time Buyers scheme has been in place for several years now – but the monies available this year have been increased by about £4 million. Sebastian Kedziora of www.kupdom.co.uk – a specialist service run by Caesar and Howie helping Polish people buy in the UK comments “This will be a welcome boost. We have many clients on our books who didn’t manage to get funding last year but who hopefully now can access some of these new funds. There are properties available on the market now and we anticipate a busy year ahead”. The senior partner of Caesar and Howie, David Borrowman feels this new funding will help generate activity in a difficult property market. “Being unable to save enough of a deposit is a major difficulty for people – and this scheme gets many first time buyers over that difficulty. Despite the economic conditions being tough, many young folk still aspire to buy houses and this scheme is a good way to get started. I commend the Scottish Government for continuing to support the LIFT scheme”. For information on how to access a LIFT mortgage see www.liftmortgage.co.uk.
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