Deposit Help Still Available

There has been quite a lot of press coverage of the fact that the Scottish Government’s version of the “Help to Buy” purchase scheme has run out of money.  The scheme closed within 3 months of the financial year starting – with all the money having been utilised. There has been some political fallout – it does seem fairly daft to give great publicity to a scheme which peters out before it has really got started.  Many would be buyers will no doubt be disappointed. But it is important to note that this was just one limited scheme applying to newly built properties only. Sandy Macfarlane – mortgage broker at Caesar and Howie explains “I’m all for support to the housing market.  However this scheme was fine but of limited scope.   I would say it got perhaps disproportionate publicity because it came in out of the blue in a Chancellor’s budget statement” Set against that it is important to realise that help with deposits is still available to first time buyers inScotland.  This is through the LIFT scheme which is much longer lived than “Help to Buy” and one with which Scots borrowers are now probably more familiar. Under the LIFT scheme interest free deposits are made available from the government via housing associations.  New and older properties can be bought – all in the first time buyer price range.  Consequently the scheme is much wider – second hand properties can be bought under it.  And most importantly – there is no sign of money running out.  Funds are still available across the country. For many buyers a 5% deposit may be required but subject to status sometimes no deposit is needed.  It all depends on the applicant and the value of the property. Sebastian Kedzioraof Caesar and Howie comments “LIFT is a very popular scheme – simple to understand and now with money having been steadily available for several years – better known to first time buyers.  It really is a good way to cut mortgage costs on that vital first house purchase. We have bought hundreds of houses over the years on LIFT – mostly for couples.  I reckon in the future when these couples are looking back they’ll be really glad for the LIFT helping hand which got them on that all important housing ladder” Details of the scheme can be found on