'homebuy scheme'

CharleneUK

Has anyone had experience of this? This is about the best chance we have of finding a home that we can just about afford.

Basically, the local authority put up 25% of the price of a home on the open market.. You only pay it back if you sell up.

I've got all the forms, just to look through, won't be making any final decisions till I sort hours out and go back to work.

If anyone has had any experience with this, please feel free to share.

lynzpower

Theres a keyworker scheme in london thats pretty similar. I remember sitting with my mate who has a property under this method comparing with mine. Hers has WAY more advantages than mine does. the only downer is can you find a property that you can afford as 25% down our way isnt actually that much.

Depends on what you can find though, i reckon its a great deal.

jimmmyc

Where can I find out about this scheme? thanks

CharleneUK

jimmmyc wrote:

Where can I find out about this scheme? thanks

This is how it works in the borough of Croydon:

http://www.croydon.gov.uk/housing/owningrentinghomelessness/homeownership/apps?a=5441

lynzpower, thanks for replying.

We are looking for a maximum of £175,000, then obviously 25% will come off of that. Problem is, houses that price are rare where I live, so we may have to move further out

ETA: It's actually called homebuy, too many schemes out there! http://www.croydon.gov.uk/housing/owningrentinghomelessness/homebuy/whatishomebuy


Assisted private purchase is good, too, though.

scooter74

We are purchasing through the keyworker homebuy scheme. I don't know if you are a keyworker? However this means the local authority isn't involved and you apply directly through a Home Ownership company like http://www.moat.co.ukThe funding is very limited and its complicated, like getting a mortgage out twice. It's best to apply just before April or in October as the funding is released at the beginning and midway through the financial year at the moment. I'm told there will be more funding soon.

If you're not a keyworker then you have to be on the council housing list which I understand is probably more difficult than training to be a nurse, teacher, etc. Good luck

Poppycat

I am currently awaiting funding for the hoem buy scsheme under a housing assoication as we cant afford to move to a larger property otherwise.

We filled in the forms last April but because of delays on valuation of our property and having the BS delay on how much we can borrow we missed the deadlines.

We also had to have our current property valued and some EA didnt want to do this for free not in writing and the housing association wanted it in writing but told us not to pay, we managed to get one inw riting for free but we need three in writing,.

We have been told we have been provisonal accepted, however funding wont be available until October now as they are doing it in two stages rather than in previous years in one stage..

I really need to move because of health problems and my daughters disability.

We are not a keyworker by the way, we have also got to be on local housing list, but stand no chance of getting a larger house because of the lack of housing.

I got 40 odd points but need 80 most of the points were for health and being local.

CharleneUK

Poppycat, have you been able to move forward at all?

Thanks for replying.

We have been accepted onto the scheme, which is very exciting!