Firstbuy - Taylor Wimpey

lolly3fh

Has anyone purchased a house from Taylor Wimpey through Firstbuy scheme? Just looking for thoughts and past experiences, good or bad. We're hoping to get on this scheme and a little research never hurt anyone!

snell_tink

lolly3fh wrote: »

Has anyone purchased a house from Taylor Wimpey through Firstbuy scheme? Just looking for thoughts and past experiences, good or bad. We're hoping to get on this scheme and a little research never hurt anyone!

What is your reason for going for new build? There are mortgages for first time buyers and properties on the market at a price you can move from. You do realise new build equals negative equity? Also does this new buy scheme include shared ownership, because you might as well commit yourself to the funny farm if you are considering that dead fish.

Do a ton of research, not some. Trust me, buy from new, kiss goodbye to being able to sell again for that price if you needed to.

lolly3fh

Thanks for your reply, very valid points. Turns out, the more questions I asked, the less I liked the idea of it. You can't pay back the equity loan alongside your mortgage, you pay it back once the mortgage ends. I dont want to spend the next 25 years worrying about how we're going to do that without remortgaging. No thanks

littlesparkles

I'm buying a new build and it's probably right that they are hard to sell soon afterwards. However I plan to stay in my house for a long time so this shouldn't be a problem. I personally don't like the first buy schemes but I can see these schemes are the only way that some people can buy a house. Just think carefully.

brit1234

lolly3fh wrote: »

Thanks for your reply, very valid points. Turns out, the more questions I asked, the less I liked the idea of it.

Check out this debate thread on the subject (link below). It will be the shared equity scheme stories (Firstbuy) and not the shared ownership stories.

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

Personally speaking I would avoid and keep saving that deposit to buy normally.

liamdaley

lolly3fh wrote: »

Thanks for your reply, very valid points. Turns out, the more questions I asked, the less I liked the idea of it. You can't pay back the equity loan alongside your mortgage, you pay it back once the mortgage ends. I dont want to spend the next 25 years worrying about how we're going to do that without remortgaging. No thanks

AFAIK FirstBuy you can make 'staircase' payments for 10% before the end of the mortgage, in fact my mortgage broker advised me to clear ours with our surplus while it's interest free in the first five years.

JPB123

lolly3fh wrote: »

Thanks for your reply, very valid points. Turns out, the more questions I asked, the less I liked the idea of it. You can't pay back the equity loan alongside your mortgage, you pay it back once the mortgage ends. I dont want to spend the next 25 years worrying about how we're going to do that without remortgaging. No thanks

Not true. You can only make lump sum reductions of min £5k, but you can pay off earlier than the end of the mortgage. It's interest free for the first 5 years, so gives you time to save up part / all of the amount. You can then make reductions as outlined.

I am an Independent Mortgage Adviser

You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.

JPB123

liamdaley wrote: »

AFAIK FirstBuy you can make 'staircase' payments for 10% before the end of the mortgage, in fact my mortgage broker advised me to clear ours with our surplus while it's interest free in the first five years.

Again, not true.

I am an Independent Mortgage Adviser

You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.