Homebuy Help!

cully85

Hello,

Im completely new to this site and need some advice on the homebuy scheme.

My Fiancee and his friend bought a flat 2 years ago through the homebuy scheme. I took over the flatmates share of the flat when I moved in 2 years ago. We have since had a baby and desperately want to move into a house as the flat has hardly any storage space and no garden. The boys originally signed a 5 year mortgage deal which ends June 2012 so to avoid the hefty fee we would have to stay until then. We have no savings for a deposit and it would take us 4 years to get enough money for a deposit.

Now I am ashamed to say I know nothing about homebuy really! So I have a few questions-

1- Can you transfer the mortgage to another property on homebuy?
2- Can you use the scheme again once you have already been on it?
3- Can you use the loan as a deposit?
Any help you could give would be great!

Thanks!

brit1234

The government has stopped funding the scheme so you can't reuse it and unlikely to be able to transfer it.

As for a loan as a deposit that's a hell no.

The scheme is a scam designed to prop up house prices for developers. However the government have no money left to fund it or shared ownership any more.

Best off saving as much as you can to increase equity.