We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Homebuy Direct
britbabe1979
Posts: 28 Forumite
Hi
I just wondered what peoples experiences of Homebuy direct were?
We are looking to buy a 4 bed new build Persimmon house through this scheme, the houses are listed were originally listed as 205k, now they are 190k but my friend bought one on same development (traditinal mortgage) for 160k 4 months ago so I know we would be bale to get them down to that atleast. I have spoken to an IFA and she has said that we would be able to get mortgage for £120k (70%) and would get 30% equity loan with this scheme and we would be able to afford the monthly payments (625-650 p/m). This would be an extra £325-350 per month to the rent we are currently paying.
We would be loking to stay here till the kids are all grown up and we will not be having anymore kids, so we will not need to move as the house would be ideal for us for the next 10 years.
Do people think the house prices still have a way to fall yet? We would look at 5yr fixed mortgage, obviously when that ended our "rent" would start on top as well so we dont want to end up with massive hike in keeping roof over our heads!!.... however currently I only work part time as kids who live with us are nearly 7 and nearly 9... in another 5 years I would be happy to work more hours.... I know its a guessing game but we dont want to end up with negative equity when it comes to remortgaging.
Any advice/opinions/input appreicated.
Thanks
I just wondered what peoples experiences of Homebuy direct were?
We are looking to buy a 4 bed new build Persimmon house through this scheme, the houses are listed were originally listed as 205k, now they are 190k but my friend bought one on same development (traditinal mortgage) for 160k 4 months ago so I know we would be bale to get them down to that atleast. I have spoken to an IFA and she has said that we would be able to get mortgage for £120k (70%) and would get 30% equity loan with this scheme and we would be able to afford the monthly payments (625-650 p/m). This would be an extra £325-350 per month to the rent we are currently paying.
We would be loking to stay here till the kids are all grown up and we will not be having anymore kids, so we will not need to move as the house would be ideal for us for the next 10 years.
Do people think the house prices still have a way to fall yet? We would look at 5yr fixed mortgage, obviously when that ended our "rent" would start on top as well so we dont want to end up with massive hike in keeping roof over our heads!!.... however currently I only work part time as kids who live with us are nearly 7 and nearly 9... in another 5 years I would be happy to work more hours.... I know its a guessing game but we dont want to end up with negative equity when it comes to remortgaging.
Any advice/opinions/input appreicated.
Thanks
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.6K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.9K Spending & Discounts
- 244.5K Work, Benefits & Business
- 599.8K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards