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affordable housing through the council
cazsmith99
Posts: 41 Forumite
hi I hope someone can give me some advice or at least point me in the right direction!
We have been offered a brand new home on a shared equity basis through the council. We will share ownership 50/50.
Now I know Halifax will deal with these mortgages but does anyone else? I have no idea where to start as none of the schemes on here seem to be the same as the one our council offers. Looking to put down 5% deposit.
Thanks to anyone that replies :-)
We have been offered a brand new home on a shared equity basis through the council. We will share ownership 50/50.
Now I know Halifax will deal with these mortgages but does anyone else? I have no idea where to start as none of the schemes on here seem to be the same as the one our council offers. Looking to put down 5% deposit.
Thanks to anyone that replies :-)
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Comments
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Are you sure it's shared equity and not shared ownership?
Shared equity you own all the property and purchase it with a loan which is used to increase your deposit. The loan is interest free for a fixed period and the loan is repaid from the sale proceeds.
Shared ownership, you purchase a portion of the property, say 50% and you pay rent on the other 50%, having the opportunity to purchase more shares later, by "staircasing."
If it's the latter, you should look at your local HCA HomeBuy Agent's website for affordable homes as it is the "funnel" for such schemes and has a Government contract to do so. The list can be found in the back of the HTB - Buyer's Guide;-
http://www.homesandcommunities.co.uk/sites/default/files/our-work/help_to_buy_buyers_guide_sept_2013.pdfI 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.0 -
Halifax is 20% on new propretysDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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well the house is worth 160,000 and we are able to purchase it for 77000. Halifax are prepared to take a 5% deposit but I really want to check if theres any more to compare but I cant seem to find any info on the scheme we are doing :-/0
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With what you are able to tell us, it's impossible to suggest any alternative.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.0
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