Hitch a ‘LIFT’ onto the property ladder with Bellway

Such has been the uptake of buying a new home with ‘LIFT’, the Scottish Government’s 'Low-cost Initiative for First Time buyers', that award-winning housebuilder Bellway Homes has released the final properties available under this hugely successful shared equity programme at its Eastfields development in Carntyne.

Fraser Conn, Sales and Marketing Director of Bellway Homes, says: “We had planned to release the final properties available under LIFT sometime in early 2011, but such has been the response, we are bringing forward the launch of the final ten apartments at Eastfields well ahead of schedule.

“LIFT has proved to be an effective solution in a market place that still faces difficulties, particularly for first time buyers to trying to secure funding. We are confident that the remaining properties will attract the same level of interest from buyers, ensuring that we start the New Year in a strong position at Eastfields.”

LIFT is a partnership approach between the Scottish Government and housebuilders, , whereby both parties jointly fund the balance of a property price through an interest free equity loan, with the first time buyer funding the majority part of the share. The initial percentage a buyer can secure is between a minimum of 60% and 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 respective 20% share.

For potential first time-buyers at Eastfields, this means that they could secure a new two-bedroom apartment, priced at £98,500, for less than £70 a week with a shared equity stake of 60%. That’s not all, as LIFT is also available on a limited number of three-bedroom homes at the development, including the Benbecula house type.

The three-bedroom terraced Benbecula is ready for immediate entry. Key features include a spacious lounge with French doors that open out to the rear garden, a well-planned, fully-fitted dining kitchen and a downstairs cloakroom. Upstairs, the master bedroom, bedrooms two and three, and the main bathroom, ensure there is plenty of space for the growing family, who are perhaps making the move from an apartment to their first house. With a price tag of £137,995, this home can be secured for just £82,797 with LIFT, ensuring that even a three bedroom-terrace home is within a realistic price range for a first-time buyer.

Eastfields is located in the heart of Glasgow’s burgeoning East End, which in four years time will welcome the Commonwealth Games to the city.

The development benefits from a good choice of local amenities including The Forge Shopping Centre and Tollcross Park Leisure Centre, with its choice of leisure and sports activities.

Glasgow city centre is also close to hand, just seven minutes by train from Carntyne. Easy access from Eastfields to the M8 motorway network provides links to all the major road routes across the central belt and beyond.

In addition to LIFT, Bellway Homes currently has several other incentives available at the development including ‘Express Mover’, ‘Armed Forces Discount’, ‘Part Exchange’ and ‘5% Deposit Paid’ – details of which are available at bellway.co.uk.