Glasgow home-hunters get a LIFT from Bellway

Bellway Homes has sold twelve new properties at its stylish Carntyne development, Eastfields, thanks in part to the Low-cost Initiative for First Time buyers (LIFT) programme, introduced by the Scottish Government earlier this year.

Fraser Conn, Sales & Marketing Director of Bellway Homes, believes the recent sales at Eastfields represent a strong endorsement of the “shared equity” scheme. Conn said: “We introduced LIFT at our Eastfield development only a couple of months ago, so to have sold 12 homes to first-time buyers in such a short space of time is a good indication that the scheme is proving effective.”

The LIFT initiative aims to help people on low to moderate incomes who want to own their home but who cannot afford to pay the full price for a house.

Under the terms of LIFT, the Scottish Government and Bellway jointly fund the balance of a property price through an interest free equity loan, with the homebuyer funding the majority share. The initial percentage share a buyer can secure is between a minimum of 60% and a maximum of 80%, but buyers also have the option to increase their stake at any time after the initial purchase, even up to 100% if they wish.

Should a buyer decide to sell their property, if they have a 60% shared equity stake, they will receive 60% of the market value of their property at the time they sell, with the Scottish Government and Bellway Homes each receiving their 20% share.

For potential house-hunters at Eastfields in Carntyne, this means that they could secure a new two-bedroom apartment, priced at £99,995, for less than £70 a week with a shared equity stake of 60%.

Eastfields offers a collection of stylish and modern one and two bed apartments and two, three and four bedroom homes, located at the heart of Glasgow’s thriving East End.
Already the subject of massive regeneration in recent years, Glasgow’s East End will further benefit from improved facilities and links as the location of the Athletes’ Village during the 2014 Commonwealth Games.

Fraser Conn said: “This is an exciting time for the East End of Glasgow and our Eastfield development gives new homehunters the chance to be a part a thriving community. As a location for a family home, it’s perfect - Carntyne Station is just a short stroll from the development, with Glasgow Queen Street just seven minutes away by train. Likewise, Carntyne residents can access the M8 motorway in minutes, providing convenient links to the entire central belt.”

For further information on the properties remaining at Eastfields in Carntyne – or more information on the LIFT initiative – please visit: bellway.co.uk