Chris Borthwick writes articles covering a broad range of subjects. His main area of expertise is mortgage advice and writes many articles on mortgages for finance industry, mortgage brokers and for the general public. Most recent articles detailed the benefits of a fee free mortgage broker.
The lift scheme is a scheme run by the Scottish Government to help people who can’t afford to buy a home. You may have heard about Lift, which stands for Low-Cost Initiative for First-Time Buyers scheme, but aren’t sure of who the scheme is for and the ins and out’s of it. You will be individually assessed for your eligibility as the scheme is for those on low incomes. Your gross earnings and if applicable, a partner’s income will be taken into account. As will any other income you receive such as benefits, bank interest, shareholder profits and pensions. You’re allowed to keep five thousand pounds of personal contributions but anything above this will be treated as a contribution towards the cost of purchasing the home. I haven’t seen any details of what is classed ‘low income’ so it is certainly worth applying for or querying further if you are eligible. The LIFT scheme is run by the Scottish Government, Edinburgh City Council and Glasgow City Council. It is available in various areas of the country; a social landlord needs to be available to offer the scheme in the area. You apply through the social landlord for the lift scheme. Normally you will have to take at least a 60 per cent stake in the home however in certain situations you maybe allowed to drop that to 51 per cent. You will have full ownership of the property whatever stake you take in the property. Responsibility lies with you for uptake of the property, so maintenance, repair costs, insurance and of course mortgage repayments. It is possible to let or sub let the property but only after getting approval from the Scottish Government. If you want to sell the property the stake the Scottish Government has taken will be repaid at the current sale price. If the property has increased in value then both parties benefit from the increase. If you decide to make improvements to the property and the value increases this would be at your expense, the government still gets the same percentage stake back.
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2% Mortgage Rates for Refinancing with President Obamas Stimulus Plan
By: MPetrone | 24/12/2009Homeowners can now get a mortgage refinancing into a 2% interest rate, save money, and save their home with President Obamas stimulus plan. This program is designed to help all sorts of homeowners find financial relief, save money, and avoid losing their home to foreclosure or mortgage default. It has never been easier or more beneficial to refinance a mortgage than it is now. Here is some information for homeowners who want to use this stimulus program for themselves.
New Mortgage Refinancing Options from CitiMortgage and Obamas Stimulus Program
By: MPetrone | 24/12/2009CitiBank is participating in President Obamas “Making Home Affordable” plan. This means that homeowners in all types of bad financial situations can get help refinancing a mortgage with CitiMortgage and it is easier, and more beneficial than ever before. Here are some things a homeowner should be aware of before using this plan to refinance their home loan.
Refinance a Mortgage by Using President Obamas Stimulus Plan
By: MPetrone | 24/12/2009The new mortgage stimulus programs available because of President Obamas “Making Home Affordable” plan will help millions of people. The help will come from new mortgage refinancing and modification options that will lower monthly payments, help homeowners avoid losing their home, and save people money. Here are some important things you should know regarding refinancing a mortgage with Obamas stimulus program.
FHA Mortgage Requirements
By: Florida Mortgage | 24/12/2009FHA loan qualifying requirements have been relaxed as part of the Federal government's Housing and Economic Recovery Act, 2009. The purpose of the act is to provide some relief for home owners affected by the subprime housing finance crisis, and to help stabilize the housing market overall.
An FHA loan can be the solution to monetary concerns or problems
By: FHA home loan Lender | 24/12/2009An FHA loan can be the solution to monetary concerns or problems.
Principal Reduction Program
By: Brian Correa | 24/12/2009A Principal Reduction Program is designed to help owners who owe more than their home is worth by removing their negative equity.
2010 Mortgage Interest Rate Predictions
By: MPetrone | 24/12/2009Mortgage refinancing in 2010 will still be beneficial to many homeowners, but I do predict that interest rates will rise making it less beneficial for everyone, and making it not beneficial at all for many others. While mortgage interest rates will remain low, they will rise, and I think I know when and why. Here are my mortgage interest rate predictions for 2010, and how I made them.
Refinancing a Mortgage with Chase Bank and Obamas Stimulus Plan
By: MPetrone | 23/12/2009Chase bank is taking part in President Obamas “Making Home Affordable” stimulus plan and offering new mortgage refinancing and modification options to homeowners. These new options allow all sorts of homeowners in all sorts of financial problems to easily get help lowering their monthly payments, saving money, avoiding foreclosure, or all of the above. Here are some important things you need to know about refinancing a mortgage with Chase and Obamas stimulus plan.
Deciding on When to Enter the Mortgage Market
By: Chris Borthwick | 15/07/2009 | MortgageThe best advice is to ask the professionals that would be going to an established mortgage broker who will understand trends and will be watching the market closely. If you can afford a mortgage it may be the best time to go for a mortgage as house prices are unlikely to fall much further and it is predicted mortgage costs are going to rise for lenders.
Overpay Your Mortgage or Save the Money?
By: Chris Borthwick | 15/07/2009 | MortgageSavings rates have shot up recently and it is now possible to find savings accounts that offer 5% per cent interest. If you can find a savings account that offers net interest at a higher rate than your mortgage then it would be more beneficial for you pay into the savings account rather than overpaying your mortgage.
Shared Home Ownership Is the Way Forward
By: Chris Borthwick | 01/07/2009 | MortgageTo avoid the need for a deposit or to get a better deal on a mortgage you could go down the road of asking a parent or close family member to take an equity stake in the property.
Steps to making the most of the LIFT Mortgage Scheme
By: Chris Borthwick | 01/07/2009 | Personal FinanceIt is also important to find at least one home that you would like to buy the reason for this is once a LIFT application is approved you only have twelve weeks to use your given allowance.
Getting Professional Advice from a Mortgage Broker
By: Chris Borthwick | 01/07/2009 | MortgageYou can get personalised advice on the best products for you, the current market state and market trends from a broker who hopefully has had at least a couple of years experience in the market.
What you need to know about the LIFT scheme
By: Chris Borthwick | 16/06/2009 | MortgageThe fine print of LIFT scheme reveals some key points to help you assess if you are likely to be accepted and rules that apply such as equity stakes that you need as a minimum and the role you accept in signing up the LIFT scheme.
Most Common Questions asked for the LIFT scheme
By: Chris Borthwick | 16/06/2009 | MortgageThe most common questions that are asked about the LIFT scheme are answered. The lift scheme is aimed at those on low incomes. There are two schemes; the new supply shared equity lift scheme and the open shared equity scheme.
Get a Mortgage without Saving for a Deposit
By: Chris Borthwick | 10/06/2009 | MortgageIf family assistance isn’t an option then there are government schemes that are there to help individuals and families with the purchase of their first home. The LIFT mortgage scheme in Scotland is for those who aren’t able to financially afford a mortgage on their own.