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Government mortgage schemes

edited 30 November -1 at 1:00AM in Mortgages & Endowments
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MSE_Helen_SMSE_Helen_S MSE Staff
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MSE Staff
edited 30 November -1 at 1:00AM in Mortgages & Endowments
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Thanks folks,
«134567

Replies

  • kyleballkyleball Forumite
    11 posts
    The sub-letting part is frustrating.

    I want to buy a house now for me to live in but I am still at the stage where I want to houseshare; and that's where I would like to sublet.

    I cannot think of a situation, other than living on my own or significant other in the future) or where I can take advantage of the Help to Buy schemes from the government.

    Has anyone done any research on this or any ideas?

    I would like to buy a house next year (and would have the 5% deposit and stamp duty at that point to do it), but not 20%. I would like to sublet as well.
  • kingstreetkingstreet Forumite
    36.4K posts
    Ninth Anniversary 10,000 Posts Photogenic I've helped Parliament
    ✭✭✭✭✭
    Subletting is different to house sharing, or where you take in a lodger.

    If you move out altogether and let your home as a landlord, then you would fall-foul of the rules.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • kyleballkyleball Forumite
    11 posts
    kingstreet wrote: »
    Subletting is different to house sharing, or where you take in a lodger.

    If you move out altogether and let your home as a landlord, then you would fall-foul of the rules.

    I read somewhere that I cannot rent out my property even if I live there. It's frustrating that I now cannot find it!
  • Does anyone else think that banks will increase rates once the scheme begins?

    After all there will be a higher demand and with that an opportunity to make some more money.
  • i`m thinking to buy 75% of shared equity 25% council. Do i can later own this property 100% ? i`m so confused now. Big decision to my.

    TO BUY OR NOT TU BUY?
  • kingstreetkingstreet Forumite
    36.4K posts
    Ninth Anniversary 10,000 Posts Photogenic I've helped Parliament
    ✭✭✭✭✭
    stirpeika wrote: »
    i`m thinking to buy 75% of shared equity 25% council. Do i can later own this property 100% ? i`m so confused now. Big decision to my.

    TO BUY OR NOT TU BUY?
    Don't shout!

    I've already asked in your other post, is it shared ownership or shared equity.

    If shared equity you already own 100% on day one.

    You would be better;-

    establishing exactly what you are considering, by researching the options and
    start a thread of your own, so you get answers specific to you and on a thread you can return to when needed.

    http://www.orbithelptobuy.co.uk/main.cfm?type=OPTIONS

    The above is the link to the Orbit product page, one of the HCA's HTB Agents. It will give you an introduction.

    Again, only you can decide if the scheme is suitable for you. Once you actually find out about your options you should be able to establish the answer to your question.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • it`s shared equity. So is it possible to buy rest 25% share from council?
    and when?
  • kingstreetkingstreet Forumite
    36.4K posts
    Ninth Anniversary 10,000 Posts Photogenic I've helped Parliament
    ✭✭✭✭✭
    I've covered this in my answer to the same question you posted.

    You own 100% of the property on day one. You have a loan for the deposit secured on the property, which can be repaid at any time, but you repay the percentage you had, not the £ value.

    So, if you get a 20% equity loan, you repay 20% of the value of the property at the time of repayment.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • If my husband and I use the help to buy scheme with the 20% equity loan, and our financial situation improves over the first 5 years (through promotions at work, etc) of the interest free period. Would we be allowed after those 5 years to pay off the equity loan in full? Either from our funds or through a remortgage to include the equity loan if we can afford it?
  • We plan on staircasing either 10 or 20% once we have enough equity to do so after year 5
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