first time buyer

lil_lady_2

hi

just been looking at house prices next too my work as for im sick of commuting and running away from parking wardens when i want to drop lil one off,

i know we cant buy now as for oh is still an aprentice (finishes in aug) , iv looked at morgage payments and they would work out the same as my rented council masionette so i would be down sizing but worth it i think....
so what i was wondering what are these first time buyer schemes like anyone had any experince with them?? also whats the chances on us getting a morgage in this climate if say i get a loan from the goverment .
my circumtances:
im looking at properties around the 125,000 mark ( not to many of them ) my partner is a council tenant ( they wont put me on the tenancy as for it was a succesion) hes only been the legal tenant for 1 year but occupied 5 i think . im not a key worker yet but hope to get into uni in september still working the same hours thou. also i know my mum would put her name down but how would this work??

hope i make sence . also in september we should be up an extra 500 a month at the very least.

Robert_Sterling_3

Wat are you hoping to study at uni.

lil_lady_2

occupational therapy

brydlesmansteve

lil_lady wrote: »

i know we cant buy now as for oh is still an aprentice (finishes in aug) ,.

Whats an oh?

~Beanie~

brydlesmansteve wrote: »

Whats an oh?

Other half.

brydlesmansteve

~Beanie~ wrote: »

Other half.

Oh!!!!!!!!!!!!!! Groovy!

lil_lady_2

heyyyyyy dont hijack my thread lol :j

Idiophreak

lil_lady wrote: »

so what i was wondering what are these first time buyer schemes like anyone had any experince with them?? also whats the chances on us getting a morgage in this climate if say i get a loan from the goverment .
my circumtances:
im looking at properties around the 125,000 mark ( not to many of them ) my partner is a council tenant ( they wont put me on the tenancy as for it was a succesion) hes only been the legal tenant for 1 year but occupied 5 i think . im not a key worker yet but hope to get into uni in september still working the same hours thou. also i know my mum would put her name down but how would this work??

You'd be looking at either shared equity or shared ownership schemes.

I'm buying on a shared equity scheme at the mo. They're either offered through a building company, or through the government (MyChoice homebuy being most popular iirc)

Basically, they'll pay 25% deposit for you, which you repay to them, either interest free or with interest in a period of (usually) 5-10 years.
Most of them work that what you repay is 25% of the current value of the property, not the purchase price, so you have a little protection there.

With shared ownership, you'll have to rent the portion of the house you don't own - and you can normally get more than 25% of the value (sometimes up to 70%) paid by the other party.

Obviously, if you take a 25% scheme, you'll still need to find a 94k mortgage, which might not be easy on low wages - especially as you'll have quite a limited subset of lenders prepared to take people on these schemes.

lil_lady_2

they times your income by 4 right?

PasturesNew

You will need a 10% deposit - and fees for surveys, solicitors, searches, etc.

If you're going to study at Uni, you'd be better off waiting until you've finished to buy a house - leaving you free to relocate if work is better 10-20-30 miles in either direction (or more) - and free from the worries and extra costs of owning a house.

lil_lady_2

yes but i live on a built up estate that was set for demoilition 4 years ago....... might take 10 years , ergh hate it.