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"Help to buy" Scheme. Mortgage rules - we don't need one.

1356

Comments

  • I don't think most people were being judgemental, just matter of factly stating that the scheme is designed to help people with small deposits get on the housing ladder. So yes, I think it is unreasonable to expect the scheme to work for you too as it was never designed for that.

    Unless he is living on the streets, he isn't homeless. I'm sure he has a roof over his head and he also has a modest pension pot. I'm sure one of the many genuine homeless people would swap places with him.
  • Armorica
    Armorica Posts: 869 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    It's a mortgage guarantee scheme. So yes, you need a mortgage or what is being guaranteed?? You don't have sufficient funds - you need a mortgage of at least 25% according to your suggested price.

    £140k is definitely not the cheapest price/house in the UK.

    Rent isn't a feature of the Help to Buy: mortgage guarantee scheme. It is a feature of shared ownership deals.

    If you mean the shared ownership then the official text is
    http://www.helptobuy.org.uk/other-housing-options/shared-ownership

    It clearly states that
    You buy a share of your home (between 25% and 75% of the home’s value) and pay rent on the remaining share.

    Not all of the schemes are available in Scotland (devolution...and possibly because house prices are generally less).
  • Didn't you say earlier that houses around your way are about £140k? If you have 75% deposit then surely you'd only need a £35k mortgage?


    We cannot get a mortgage!!! We are 65 and 67 and pensioners.
    Pensioners cannot get mortgages!!
  • maisie14 wrote: »
    We cannot get a mortgage!!! We are 65 and 67 and pensioners.
    Pensioners cannot get mortgages!!

    Again, have you spoken to a broker?

    Failing that, then maybe you'll just have to resign yourself to the fact that you need to either buy a cheaper house or not at all. All the complaining in the world won't change that. Sorry.
  • Actually we have the 80%, made a mistake.

    Drawing down from the pension pot means what ever is drawn out has to pay tax of around 35% on it, so to get approx £62,000 which is what we need, he has to draw around £108,000.

    (Please don't do the maths, and tell me what 35% of £108,000 is, its a guesstimate for illustrative purposes only)
  • Armorica wrote: »
    It's a mortgage guarantee scheme. So yes, you need a mortgage or what is being guaranteed?? You don't have sufficient funds - you need a mortgage of at least 25% according to your suggested price.

    £140k is definitely not the cheapest price/house in the UK.

    Rent isn't a feature of the Help to Buy: mortgage guarantee scheme. It is a feature of shared ownership deals.

    If you mean the shared ownership then the official text is
    http://www.helptobuy.org.uk/other-housing-options/shared-ownership

    It clearly states that


    Not all of the schemes are available in Scotland (devolution...and possibly because house prices are generally less).

    Thank you for this, its very helpful and I think that is what we need SO for over 55s maybe the long term disability SO scheme too as I am in a wheelchair.
  • I don't think most people were being judgemental, just matter of factly stating that the scheme is designed to help people with small deposits get on the housing ladder. So yes, I think it is unreasonable to expect the scheme to work for you too as it was never designed for that.

    Unless he is living on the streets, he isn't homeless. I'm sure he has a roof over his head and he also has a modest pension pot. I'm sure one of the many genuine homeless people would swap places with him.

    Sarcasm and snideyness unnecessary , technically he is homeless at the moment, for a number of reasons I'd rather not disclose, but not due to his actions. As for the homeless poor on the streets that you refer to, well, we all make our choices...............
  • maisie14 wrote: »
    Sarcasm and snideyness unnecessary , technically he is homeless at the moment, for a number of reasons I'd rather not disclose, but not due to his actions. As for the homeless poor on the streets that you refer to, well, we all make our choices...............

    I guess that just about sums you up. Yet you seem to expect people on here to sympathise with your plight? How ironic.

    I'm out.
  • maisie14
    maisie14 Posts: 23 Forumite
    edited 26 November 2014 at 3:02AM
    How sure of that are you? Have you spoken to a mortgage broker?

    Fiance financial advisor spent all day trying to get him a mortgage.

    All we could get was £100,000 over 14 years at £1500 per month
    or
    £50,000 over 7 years at £800!

    We wouldn't have any money to live on with that high price.

    Before anyone suggests it, he cannot go back to work in a manual jobs as in chronic pain and no-one is going to employ him now as a high flying executive! :rotfl:
  • I guess that just about sums you up. Yet you seem to expect people on here to sympathise with your plight? How ironic.

    I'm out.

    I do not want sympathy, I asked for facts, ONLY, not value judgements, sarcasm and snidey inferences.

    Good riddence to you.
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