Homebuy scheme

elecious

Evening all

Me and the missus are looking to buy our first property and there is a development nearby that has a lot of homebuy houses/flats available.

I don't believe we need to be on this scheme (part buy part rent) to be able to afford one but it seems all are being sold through this, is it a bad idea to purchase one through this scheme and then pay off the rest of what's owed almost straight away?

It would likely be a flat that is being advertised for a 50% share for £52,000.

Cheers for any help.

brit1234

Hi I would stay clear. The scheme is designed to make you overpay and their are many many restrictive conditions. Some of these conditions cost you a lot extra for example large stair casing charges or as discussed extra lease renew costs on top of the norm.

Then there is the selling nightmare and high service charges. They are a scam designed to keep prices high.

Have a look at the sites main shared ownership/equity thread below.

https://forums.moneysavingexpert.com/discussion/3177256

If you can buy normally I would, but prehaps wait 6 months with the price falls so you can haggle a good deal.

Goodluck

elecious

are these things still an issue though if i expect to only really be on the scheme for a few months? My idea is to get on the homebuy scheme, move into the flat and then pay off the rest of it completely straight away. The flat would be mine like any other then wouldn't it?

D7895510

Hi, Sorry to burst your bubble, but these types of properties are aimed at people who cant get on the property ladder without help. If you think you will be in a position to buyout/mortgage the 2nd 50% almost straight away, I doubt you will be accepted onto the scheme.

Ask the sales office if there are any flats that aren't on the scheme or if a later phase will be released with flats not on the scheme.

Hope this helps