First Time Buyers Government Initiative - Help

becci_62

I am looking to buy on the First Time Buyers Initiative through Moat in Sussex in 2011. 50% mortgage, 50% government support. Wondered if anyone would have tips on how to go about this.
Is it difficult to get onto the scheme?
How often do these developments come up? Is there a huge waiting list?
What is the average length of time it takes from application fill in to move in date?
Is it fixed cost from the housebuilder or are offers considered?
I know I will be eligible even though my partner and I will be applying with just my Salary of £18-20,000 pa - how much do you think I can afford? Ideally we want a 2 bedroom house.

Any help would be appreciated. Thanks

leveller2911

How much of a deposit do you have saved. We are in Sussex and have been accepted on the scheme for about 7 months.We get an e-mail telling us of houses available ,but TBH theyre never in our area and having said that we have looked into the scheme and don't think we would bother.

The houses are on new developments and are generally 20% overpriced anyway.I have also heard of quite a few horror stories too.

I'm no mortgage expert(im sure someone will be along with good avice) but I would think if your mortgage will be 50% of the house price then you would have a motgage of around £75k house price £150k .....Would think you would need a deposit of £7.5K , money for fees etc ,rainy day money too.....I would want around £20k in savings ..

After about 3 or 5yrs I think you also get charged interest on the 50% government support money .

becci_62

Hi Leveller,

I have looked into different ways of moving out and it seems the only way to buy as we dont want to throw money down the drain renting. Not keen on shared ownership (part buy part rent) either. Anyhow i heard its difficult to get onto that scheme which was what brought me to FTBI.

We will be brand new to the area so dont really mind which town we are in as long as its in 1hr driving distance of Burgess Hill. Which areas have you had emails with houses in? Do you get many notifications of new houses/developments? My main thought was that it may be difficult to get somewhere. I thought they would all be snapped up!

We have about £10,000 saved and thought that would be enough for the £75k (50%) mortgage we need.
I understand they are basically boxes in a rabbit warren but tbh we just want a place of our own!

When you say your on the scheme for 7 months does that mean you will get dropped off the list if you dont choose somewhere before the times up?

We would be looking to move again in 3 years (with a full mortgage) so wont worry about the interest payments.

thanks for your help