Home Ownership Plan/Mortgage Questions

moz414

Hi,

I'm currently serving in the forces and I happened upon the Home Ownsership Plan. It involves a mortgage and also a loan to purchase a property. Has anyone here heard of these or used them? It looks too good to be true as you can get a more expensive property with a smaller mortgage.

We are first time buyers with a combined income of 50k, about 15 as a deposit and no debts. What would be the best option for us? Is it better to see an IFA or just go to the high street lenders and see what they have to offer?

Any advice appreciated.

toonfish

Is this the scheme with Advantage? Bear in mind that they take a share of any equity growth although the loan is interest free at first if I recall correctly.

Depending on the purchase price and bearing in mind you have £15K you will perhaps be better off going it alone - no harm in using a broker/IFA if they aren't going to charge you as they can research more quickly and may have access to products that you don't and can also giv eyou a true comparison between the various schemes.