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Help to Buy Scheme I'm confused
Buzyizzy
Posts: 71 Forumite
I've just had a conversation with a very nice lady from the help to buy, but I am still confused. Can someone clarify this for me? I have been provisionally approved for the scheme.
I have a deposit of £75k to put down on a house, but as I'm approaching retirement and actually eligible for the OPSO scheme, I don't want to take on a large mortgage by myself. My own work is a zero hour contract, but I do have a decent sized pension coming in from my ExOH.
I only want to pay around £200 for a mortgage (or rent) each month, but the properties I've seen seem to still need a very high mortgage. The nice lady said I could put down £75k on a £150k property and I would pay a subsidised rent on the remaining half. If it was part of the OPSO scheme, presumably I would only pay 25% rent? Is this right?
However, there is only one OPSO property which is in a retirement home which I don't want or need.
None of the properties on the help to buy website have a confirmed price, so putting up percentages is a bit daft IMO. Can anyone clarify or give me an example please. I'm struggling here.
I have a deposit of £75k to put down on a house, but as I'm approaching retirement and actually eligible for the OPSO scheme, I don't want to take on a large mortgage by myself. My own work is a zero hour contract, but I do have a decent sized pension coming in from my ExOH.
I only want to pay around £200 for a mortgage (or rent) each month, but the properties I've seen seem to still need a very high mortgage. The nice lady said I could put down £75k on a £150k property and I would pay a subsidised rent on the remaining half. If it was part of the OPSO scheme, presumably I would only pay 25% rent? Is this right?
However, there is only one OPSO property which is in a retirement home which I don't want or need.
None of the properties on the help to buy website have a confirmed price, so putting up percentages is a bit daft IMO. Can anyone clarify or give me an example please. I'm struggling here.
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Comments
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This is shared ownership, not the HTB Equity Loan scheme?
What does OPSO mean?
Calling everything HTB wasn't a great move on the part of HMG.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 -
Yes, she said I'd be looking at Shared Ownership.
OPSO Older Person's Shared Ownership.
Quite agree.0
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