Homebuy Direct Scheme

jayb79

Hi looking for some feedback on my situation

Im currently private renting an apartment that i live on my own but have my 2 year old daughter stay over at weekends and its for this reason that I need to move into a house as not got enough room plus I need a garden, now my immediate option is to private rent a house but i have come across the Homebuy direct scheme and i would like to know if anybody got any information on my circumstances if i would qualify for this scheme

In 2008 I had to file for bankruptcy after a break up of a relationship and redundancy, i got discharged in Nov 2009 and im now been in a secured job for last 3 years earning roughly 40k a year with basic and comission, i have recently paid off a short term car loan and managed to get credit cards that im using to build up my credit in addition my rent has been paid on time each month so my credit should be on the mend.

With this history would this be something that stops me from getting on this scheme? Has any one in similar circumstances been approved for this scheme?

I would be looking if private renting to move in next few months but if was able to be approved on this scheme then would be towards end of year to raise the deposit and additional costs plus it would be a full 3 years since i was discharged from bankruptcy.

Any comments would be appreciated

betmunch

I doubt you would qualify for the scheme. If I remember correctly (and I havent done one of these for ages) you need to have no bad credit at all to qualify. However, having said that, when I first did these the government didnt actually check you credit, they assumed you had good credit if you could get a mortgage, which is a fair enough assumption.

Only being 3 years out of bankruptcy isnt great and a lot of lenders would chuck you out for being bankrupt at any time.

If I was you I would try and get an agreement in principal from a lender that will lend on this scheme as if I were trying to get on the scheme now. If they accept you now it is likely that they will accept you at the end of the year when you actually have the money. If they decline you now, its unlikely (but still possible) that they will accept you in 9 months time.

You can then use this information to plan your next move, whether thats into a rented house, or stay and save for the scheme.

If you try to get an agreement in principal with the Halifax they do not ask about your bankruptcy so you do not have to declare it, they also lend on the Homebuy direct scheme, they also do a soft footprint on your credit file so doesnt affect your credit profile after the day they check.

snowcat123

A lot of housebuilders have their own scheme too if you don't qualify for the government scheme.

My wife and I just bought a house with Charles Church (Part of Persimmons) and they helped out by footing 15%.

We obviously have to pay it back within 10 years (5 years interest free followed by 3% thereafter).

A lot of people turn their noses up at equity share, but for people in certain circumstances it's ideal.