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70% Ownership Scheme
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Not only that, but some FTB are going to be quite young, and might not be the brightest candle on the cake, if you know what I mean. I'm 25 myself, and I know very little about it all, despite having family members that have owned 5 or 6 houses. It seems to me that people who know even less about it than me might get into something that, if explained properly (and so they understand it) they would probably not choose to do.0
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If you go through the HBD scheme details then you will see the negative equity falls on the 30% share first so you don't owe this if it all goes pear shaped and you sell out.
On HBD you do own the whole property title legally - as HMRC will require the full amount of Stamp Duty Land Tax on the purchase price, not just the amount you are borrowing if it exceeds the current relevant threshold (ie >175k at present).0 -
Ah, well that's good news. Also, I didn't realise the scheme was called Homebuy Direct, so I can look into it further now. Thanks.0
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