HOMEBUY scheme - FTB - Buy in Brighton - am I mad??

lynzpower

I know own home isnt an SO scheme my best freind has a own home but on the london scheme. I used to have a SO and we have chatted about legla costs and tbh they were pretty much the same. ou say SL dont afffect mortgageability but they do ( certainly did with me) when you have a low deposit. I was classed as having a low deposit and I only had 8 grand. OP has significantly less than this, out of the 4k the fees adbn charges to Sol moving costs etc mucst be paid, so are we assuming OP has zero deposit really?

Im sure youll agree 4k will go nowhere, as its not So then obv there is a stamp duty issdue up to 175.

superfran_uk

lynzpower wrote: »

I know own home isnt an SO scheme my best freind has a own home but on the london scheme. I used to have a SO and we have chatted about legla costs and tbh they were pretty much the same. ou say SL dont afffect mortgageability but they do ( certainly did with me) when you have a low deposit. I was classed as having a low deposit and I only had 8 grand. OP has significantly less than this, out of the 4k the fees adbn charges to Sol moving costs etc mucst be paid, so are we assuming OP has zero deposit really?

Im sure youll agree 4k will go nowhere, as its not So then obv there is a stamp duty issdue up to 175.

The point of the scheme is that you don't have to have a deposit, they lend you this in the form of an equity loan. You pay them back interest starting after 5 years and then in full at 25 years or when you sell the property.

I am on this scheme, and my student loan was taken into account on how much I could get, but not whether I could get it i.e. my creditworthiness.

The OP will not pay stamp duty if her purchase is under £175k, and as a single FTB she would be crazy to go any higher.

Androo_2

Thought it was time I posted on this thread, if nothing more than to say thanks to those that took the time to read it and comment!

I wonder why people have been referring to me as "she" and "her" - my name is Andrew as my username might suggest, and I'm male! Anyway....

I've already got a flat full of nice furniture, appliances, etc and I'm pretty handy with DIY so I don't feel like I need to keep much cash in reserve for sorting out my future home. I definitely intend to have a rent-paying tenant (possibly two) to help with the cost of a mortgage. It's true I've not managed to save much in my adult life, but also I haven't been earning as much in my adult life either. If you consider that I started out on almost half the salary that I'm on at the moment, and since graduated managed to get rid of about £10k in student debt then hopefully it suggests I'm not as hopeless with money as may have initially appeared! I'm actually pretty thrifty - I even service my car myself.

At the moment I'm continuing to live in a £700/mo flat on my own since my ex moved out, have managed to make ends meet comfortably and still put £400 a month into my savings. Although it helps that my holiday this year will be under canvas, and in the UK.

I've applied for the Ownhome scheme. I still think I'm mad for considering buying a house right before the house price crash, but I figure that my loan (if approved) won't be available to me until probably around Christmas, and even then I won't need to buy right away - I believe I'll have months to find somewhere that seems right as a home, and not too stupid as an investment either.

Thanks for the suggestions of looking at Hove, Hanover and areas like that. All very sensible and not too bad places to live either - I'll certainly look at homes in these areas when the time comes.

In the meantime I intend to find someone to share my current flat with (since it's a nice enough and spacious two-bed flat). I'm a bit iffy about advertising for a stranger though, and my letting agent (Countrywide Residential) want £300 when the new person moves in, even though the rent will remain my liability, which seems like daylight robbery.

OMAR

i cant find anything about this online....is this scheme still in existance??

lynzpower

I read in the newspaper a few days ago this scheme has been pulled. If you search on here someone did a lnk to the news

OMAR

awww ur kidding......sounds like a really gud scheme for FTB......anyone else any news on this?