First Time Buyers/Keyworkers No Deposit

Wickedkitten

michael1983l wrote: »

That is technically true as you could pay 2 lots of 5% installments then the full ammount.

Lets get one thing straight, that isn't 5% of the loaned value that is 5% of the value of the house. So if you get a 20% loan you will have 4 lots of 5% to pay or any multiple of 5%. You could pay 15% then a final payment of 5%.

I hope that makes sense.

The clarification needed was whether you are paying it in instalments or increments. Everything that I am reading even on their own page says you have to pay it off in instalments as in if you have a 40% loan, instead of being able to pay off 20% then the remaining 20%, you either have to pay it off as either 8 5% instalments, or you have to pay off the entire 40%.

Even in your own example, you are saying that you pay it off in "lots" which is actually going to end up costing an absolute bomb if you are having to include legal fees and a full building survey every time you want to buy 5%.

In their own bumf as well, it says as well that if you settle the mortgage in the first 3 years, you have to pay back the actual value of your original loan even if the price has dropped

Early pay back
You can pay back in instalments of 5% of the value
of the Ownhome loan. You will have to pay for an
independent valuation and any legal fees associated
with the transaction.

• Repayment within three years
If you repay us within the first three years, you will have
to pay back the full Ownhome loan. If the market has
fallen over the three years, you will have to pay back the
original loan amount, rather than a percentage of market
value at the time of payment. You will have to pay for an
independent valuation, and any legal fees associated with
the transaction.

michael1983l

Yes that is true but you can make 5% installments whenever you like, so you can make 3 lots of 5% installments one day. And 5 lots the next. Or however you want to pay them.

Wickedkitten

michael1983l wrote: »

Yes that is true but you can make 5% installments whenever you like, so you can make 3 lots of 5% installments one day. And 5 lots the next. Or however you want to pay them.

What would that do, you would still have to fork out about £1k for the building survey and then another £700 or more on legal fees for each lot regardless of whether you are paying them off on the same day.

aln_2

HELP.
I was accepted by OwnHome but the letter states that I am allowed 2 bedrooms only and gave me the maximum I can spend. I found one with 3, cheaper than that with 2 bedrooms what can I do? I called them and told them about.. Answer: I have to prove that all the 3 bedrooms in the area cost less than those with 2 bedrooms -it’s insane...
Help please......How can I have that house with 3 as one with 2 ????

poppysarah

aln wrote: »

HELP......How can I have that house with 3 as one with 2 ????

Buy it with your own money. [1]

[1] This may require the govt letting the market sort itself out rather than pretending to help people by letting them buy half a house.

aln_2

HELP.
I was accepted by OwnHome but the letter states that I am allowed 2 bedrooms only and gave me the maximum I can spend. I found one with 3, cheaper than that with 2 bedrooms what can I do? I called them and told them about.. Answer: I have to prove that all the 3 bedrooms in the area cost less than those with 2 bedrooms -it’s insane...
Help please......How can I have that house with 3 as one with 2 ????

aln_2

Thanks

british_2

poppysarah wrote: »

Buy it with your own money. [1]

[1] This may require the govt letting the market sort itself out rather than pretending to help people by letting them buy half a house.

Do not use your own money. Use the governments, it's much better. Save your money to buy yourself something nice for the new home. We have already ordered new washing machine/dishwasher/tumble dryer/fridge freezer/50" PLASMA and converting the garage into a home cinema. :beer::j

michael1983l

poppysarah wrote: »

Buy it with your own money. [1]

[1] This may require the govt letting the market sort itself out rather than pretending to help people by letting them buy half a house.

On the own home scheme you are actually buying the whole house.

geoffky

british wrote: »

Do not use your own money. Use the governments, it's much better. Save your money to buy yourself something nice for the new home. We have already ordered new washing machine/dishwasher/tumble dryer/fridge freezer/50" PLASMA and converting the garage into a home cinema. :beer::j

i am sure Vicky and Tara in their tracksuits will enjoy the cinema.
.popcorn anybody:rotfl: