Ownhome scheme

blunt_crayon

yes... rather strange in a so-called 'buyers' market'. they base it on 3x joint salary plus a minimum equity loan of 20% - so you can't top up with, say, 12%, which is what we would have liked to do. i wasn't happy with the idea of paying over the odds because of being unable to bid lower. does sound like government nonsense.

michael1983l

can I start by setting a few people right "again"


THIS ISN'T SHARED OWNERSHIP THE BUYER OWNS 100% OF THE PROPERTY.

Right now thats out of the way lets start on the rest of the tosh thats been written by some here.

1) Why are you getting hung up on house price rises and saying this isn't good. 60-80% of the house is yours and will rise also. the othet 20-40% you borrowed off the ownhome might get bigger but if you hadn't have gotten on the ladder in the first place the whole house would have risen in price meaning you could not afford to buy for even longer.

2) Just because interest rates are almost 0% now does not mean they will be forever, I bet they are above 3% in 18 months time. The ownhome loan is going to be cheaper than any interest only mortgage you can take over 25 years guaranteed especially as your first 5 years are interest free.

3) People are not borrowing to buy a house they cannot afford, they are borrowing to fund a deposit they cannot afford. I can easily afford my mortgage thank you very much.


I think you will find the only people slamming this scheme are those that wish they had the opportunity themselves and greedy Independant Financial Advisors who are not allowed to act on your behalf on this scheme, meaning no commission for them. Suprise suprise they all start spreading crap about it, as I had experienced first hand. Luckily I knew he was talking !!!!!.

I left the military 12 months ago and they pay an expert to come and give you the best possible advice at finding a home, this scheme was by far the highest reccomendation by them and I have no reason to believe an expert that has been paid to give adivce up front by the military would give us duff advice.

If anybody has any questions that they would like to PM me then I will be happy to give you helpful advice, rather than feeding you crap like some here have.

rocking69

I am really hoping this scheme will help me. I have found the flat I like and I am waiting for the minimum/maximum purchase price.
I am just worried that due to a couple of defaults, I might not be accepted. Has anyone here been accepted on the scheme with these?

babyt_2

I have a default which is now 4 years old and i was refused a mortgage with co-op ownhome scheme but hope you have better luck! We are now buying through the mychoice homebuy scheme in my husbands name only and things are going well...so far. Much more flexibility on the mortgage too as there are several lenders.