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Open Market Homebuy mortgage question
Fred_Carno_2
Posts: 17 Forumite
Hi,I'm hoping someone may be able to offer some advice,
I have been accepted for the Open market Homebuy scheme, I know of 4 ( I think ) lenders who do this type of loan.
I have some savings thatI'd like to use as a deposit.
Basically I have to find 75% of the purchase price , and get 12.5 % max interest free from the B Soc for 5 yrs, and 12.5 % max from Homebuy interest free for term of agreement.
I am told if I have a deposit to put down this will not reduce my 75% share but will reduce the amount of the Homebuy portion of the total- and not reduce my monthly payments at all.
Is there any way on this scheme to use the any deposit I have to reduce my 75% loan, and hence reduce my monthly payments ?.
Any asistance would be appreciated.
I have been accepted for the Open market Homebuy scheme, I know of 4 ( I think ) lenders who do this type of loan.
I have some savings thatI'd like to use as a deposit.
Basically I have to find 75% of the purchase price , and get 12.5 % max interest free from the B Soc for 5 yrs, and 12.5 % max from Homebuy interest free for term of agreement.
I am told if I have a deposit to put down this will not reduce my 75% share but will reduce the amount of the Homebuy portion of the total- and not reduce my monthly payments at all.
Is there any way on this scheme to use the any deposit I have to reduce my 75% loan, and hence reduce my monthly payments ?.
Any asistance would be appreciated.
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