First timer buyer with no deposite

firsttimebuyer2009_2

can we (i and my wife) buy house/flat without deposite?

Govrnment scheme can help us to buy new house with help of 30% loan which can be use as deposite.

Homebuy scheme.

Question :
Can i use this same scheme for other house /flat for sell on market.

wymondham

pretty sure you'll need a deposit these days...

poppysarah

money for legals, etc.

You may as well learn to save. It's not the worst skill to have despite Gordon's best efforts.

sunnysea83

i think u will need a deposit

shellnapier

were maybe buying a house through a goverment type scheme - with no deposit, its low cost homes

charliee_3

we looked into it and i think you can do those schemes with no deposit, but i think you need to prove £3k in savings. why not call the people running the scheme to see what the criteria is?
I think you can use the scheme to buy homes on the open market, but it is less starightforward than taking one of the new builds they offer.
hope that helps

llh189

mychoicehome buy or ownhome do not require you to have a deposit, the equity loan from your local HA is treated as a deposit by your mortgage lender.

Mychoicehomebuy allows you to buy from the open market, one bedroom above your requirement, so childless couple = 2 bed, couple with one child = 3 bed etc etc.

You need to earn less than 60k and have enough money for fees etc.

The interest on your equity loan is payable along side your mortgage payment, the interest is approximately 1.75%.

As a previous poster said, the first move is to contact your local HA.

HTH

firsttimebuyer2009_2

Thanks to all for reply.

First thing Monday morning I will contact government office who runs this scheme.

I will update details here..

thanks again all.