My Choice Homebuy

Chris2685

HAZIEC wrote: »

Thank you jonbuk.
I need to find out if they are restricted on how many bedrooms they can have as a poster on the other thread said only two! Not really "mychoice" then is it??

You can only have 1 more than you need.

So if you are a couple you can only have 2 bedrooms or less. If you have a child you can go for 3. I'm not sure how many children you need to qualify for a 4 bed.

I don't really see why it matters to them anyway!

haziec

Chris2685 wrote: »

You can only have 1 more than you need.

So if you are a couple you can only have 2 bedrooms or less. If you have a child you can go for 3. I'm not sure how many children you need to qualify for a 4 bed.

I don't really see why it matters to them anyway!

Unfortunately there are not many properties on the market in this area and there just happens to be a couple of good buys with 3 beds, thats why I asked. They are looking at it as a long term thing and HOPEFULLY I might have some grandchildren this way, sooner or later

Chris2685

HAZIEC wrote: »

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Unfortunately there are not many properties on the market in this area and there just happens to be a couple of good buys with 3 beds, thats why I asked. They are looking at it as a long term thing and HOPEFULLY I might have some grandchildren this way, sooner or later

Sorry, by them I meant the Homebuy agents, not your kids

haziec

Chris2685 wrote: »

Sorry, by them I meant the Homebuy agents, not your kids

LOL, I totally agree! I thought that the name MY CHOICE is a bit ironic in the circumstances!

mell242

I am very interested in this scheme as me and my partner can not afford to buy outright in the village that we currently live.
Just wondering if anyone has an idea of what the main criteria for selection for this scheme is? Is it primarily keyworkers that are successful? Also, does having children/overcrowding increase your odds of being offered a place? There seems to be such little information about it.

If you have been succesful what is your working/housing 'background' if you don't mind me asking?
Thanks

jonbjuk

These are the criteria from the DirectGov website

HomeBuy is open to households earning less than £60,000 a year who would otherwise be unable to buy a home.
You may be eligible if you are either a:

• first time buyer
• previous home owner who can't now afford to buy without help (perhaps because you have broken up with your partner)
• housing association or council tenant
• ‘key worker’ (a key public sector worker, like a nurse or teacher)

I'm looking to buy on my own. I earn in the mid £20,000s & stuck living with parents and need to get out but haven't got a massive deposit as yet but it's getting there. The advantage to the MyChoiceHomeBuy is that the Government loan counts as your mortgage deposit so you could get good rates.

Check with your local HomeBuy agent for more details but here is a leaflet from my local one with more info

http://www.keyhomes-east.org.uk/pdf/4802%20BPHA%20MyChoiceHomeBuy%20Guide.pdf

I applied online and had confirmation that I was eligible within 3 days.

haziec

mell242 wrote: »

I am very interested in this scheme as me and my partner can not afford to buy outright in the village that we currently live.
Just wondering if anyone has an idea of what the main criteria for selection for this scheme is? Is it primarily keyworkers that are successful? Also, does having children/overcrowding increase your odds of being offered a place? There seems to be such little information about it.

If you have been succesful what is your working/housing 'background' if you don't mind me asking?
Thanks

our daughter & SIL are first time buyers, think they saw the information on a website www.firstrungnow.com also the cooperative bank do a scheme called own home. www.ownhome.co.uk which you and jonbjuk might find good. Good luck!

jonbjuk

The thing that puts me off the ownhome scheme is that you have to take the mortgage with the Co-op whereas you can get a better rate elsewhere.

haziec

jonbjuk wrote: »

The thing that puts me off the ownhome scheme is that you have to take the mortgage with the Co-op whereas you can get a better rate elsewhere.

fair comment, didnt realise their rate is poor. DD is going to call them and book a call back, they take so long anyway, just in case the other thing goes pear shaped.
BTW I will post after their financial appt and might be able to help others as DH and i are going with a full list of ?????

MissB_2

I was seriously considering this until something in my last call to them rang huge alarm bells:

The 50% share that you dont own is recalculated to 'keep in line with the current housing market'. This means that it fluctuates uncontrollably.

If we start to have another housing boom, or they just decide that the area's house prices are improving, then this share will go up unpredictably and could cause serious problems.

I can't cope with any variance in my outgoings as my money is too tight, so it's a definite no to me. I prefer to rent where my rent is fixed and if I had a mortgage I would have a fixed rate one so I knew exactly what was going on every month - for a fixed time at least.

If I fixed the mortgage on my share there is no guarantee the rented share wouldnt spiral out of my reach - and quickly.

That scared me.
It may be something they should consider carefully.

B
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