We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 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!
Open Market Homebuy mortgage question
Options
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.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.8K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.8K Work, Benefits & Business
- 598.7K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards