Mortgages for Social Homebuy Scheme

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kingstreet wrote: »

I must confess I'm confused by the terminology you are using. Social Homebuy is Shared Ownership, where you purchase a share and rent the unowned portion, but you are suggesting you are buying 100%.

Is it shared equity, what used to be FirstBuy or Help To Buy, where your deposit is supplemented by a loan from the Government?

Social Homebuy is the correct terminology and, as far as I am aware, is different to the other schemes you mentioned above.
There is no loan from the government. Rather a £16k discount (in London) off the purchase price after the property has been valued.
Readers of this post may be interested to know that the discount is treated by the lender as a 'gifted deposit'. We did not know that previous to applying, so were delighted when this bumped us into the 25% LTV bracket.

Shelter have great info on all this and other schemes for anyone who may wish to know more:

http://england.shelter.org.uk/get_advice/finding_a_place_to_live/Buying_and_selling/home_ownership_schemes/social_homebuy#how_does_the_social_homebuy_scheme_work%3F

kingstreet

Yes.

It is shared ownership and there's a discount;-

https://www.gov.uk/shared-ownership-tenants