First Mortgage Supports LIFT Scheme

Edinburgh, United Kingdom, November 29, 2008 --( It’s harder than ever to get a foot on the housing ladder but First Mortgage is one organisation that is committed to offering first-time buyers a chance to own and afford their own homes. The company can now provide this unique opportunity through the innovative and extremely successful LIFT Scheme inaugurated by the Scottish Government, which offers low income first-time buyers two options to get their foot on the housing ladder.

The LIFT scheme ( comprises two initiatives aimed at helping low income households in Scotland. The Open Market Shared Equity Pilot (OMSEP) has been running since January 2008 in areas across Scotland where it is difficult to find affordable houses for sale. The New Supply Shared Equity Scheme (NSSES) relates to homes newly built by registered social landlords. The schemes are simple in operation – the Scottish Government gives grants to RSLs to help them find part of the price of a property for sale. First time buyers then pay for a majority share in the property, normally between 60% and 80%. With NSSES, local authorities and RSLs have a range of properties specifically built for the scheme, whereas under OMSEP, the property has to be on the open market.

"What we offer is assistance for those who cannot afford the full price of a property," comments Ian McGrail of First Mortgage ( "The buyer shares the cost with the RSL and when the property is sold then they both receive the share that they have put in. This is an excellent scheme that helps those on low incomes afford their own properties without overstretching themselves.

"As a first-time buyer, this is an invaluable method of getting into the housing market, and you can increase the amount of share that you have in the property over time as circumstances change," he continues. "You don’t pay any rent on the part of the property owned by the RSL and you have full title to the property."

First Mortgage is a free impartial UK mortgage search resource, with no hidden fees or commissions offering market choice from basic home buying information to full specialist mortgage quotes and arrangement. The company is dedicated to finding the right mortgage and opportunities for everyone to enjoy the satisfaction and comfort of owning their own home without overstraining their resources.


Contact Further Info: Ian McGrail, 0131 476 7025, mobile 07894 097887,

Notes for Editors:
About First Mortgage:
First Mortgage are impartial fee free UK mortgage brokers
First Mortgage has branches in Edinburgh, Dundee, Aberdeen and Falkirk
First Mortgage are pioneering new thinking in mortgage markets with products like 'green mortgages', energy saving packs and family equity loan plans
First Mortgage is an 11 year old family owned business
First Mortgage Direct Ltd
Ian McGrail
0131 476 7025