OpenMarket HomeBuy

Poppycat

Yes there's a time frame it used to be government would lend the full amount and the money allocated yearly but its now every 6 months, or it was in 2007

Also when I checked with the tax place you only pay stamp duty on the percenatge you borrow but I think that when you sell there's some duty on that

rach!_3

we wont need stamp duty as we wont need that much mortgage and we have been quoted around 1,500 for other fees etc, which we can get help from family. so should be ok. also yes poppycat thats who we will need to approach for it.

Poppycat

The manager at YBS in York in main street (near M&S) is very nice he really helped us but in end we didnt go that way tbh it was his down to his advice. We didnt think we could get a mortgage on our circumstances and age

We went in Oct 07 so hopefully he is still there

emmy05

i live in gloucestershire myself, and it just feels like the house prices have gone sky high over the last couple of years around here, sure can be a costly process for the fees too x

wheresmydoshat

hi,

we are wondering if the open market scheme is our best option.

my partner is a key worker, and we like the fact this gives us the freedom to pick our property. we were not too keen on new builds in our area.

we could just about manage to buy outright, but it would be a real struggle and deposit money is limited.

is my understanding right tho, that we would need to get a mortgage on 82.5% and a deposit for that amount also ? i have read that the scheme cannot be used as the deposit.

so say we got 200k , 35k would be covered by the scheme, and we'd get a mortgage of 165k, so say a 10% deposit being £16,500.

i am struggling to see any major downside to this for our situation so maybe i am missing something ? yes we lose out on a chunk of any increase but with a need to get a lightly bigger house than we need right now for the long term this ticks all the right boxes.

we have just made an application but any advice or experience you can pass on would be appreciated. if we go ahead i will do the same.

thanks in advance

vanilla8

I have got a scheme of 75% mortgage and 25% government loan.

I have a mortgage of 150k arranged with halifax, and 50k comes from tower homes. (Property costs 200K)

I am not sure what u mean by deposit? The only money you need saved is 5k for solicitors and stamp duty and other related fees.

I am only paying back the 25% when i sell the property.

My mortgage is 150k at 5.72%


With this scheme a financial advisor will access your property limit.

Hope this helps

Markyt

Poppycat wrote: »

The manager at YBS in York in main street (near M&S) is very nice he really helped us but in end we didnt go that way tbh it was his down to his advice. We didnt think we could get a mortgage on our circumstances and age

We went in Oct 07 so hopefully he is still there

YBS are dropping OMHB at the end of March - the govt decided they didn't want them as partners after the pilot phase. Mostly because the govt wanted unrealistic deadlines and are not quite certain about what they want the new product to do yet.

wheresmydoshat

thanks, i had read on the website we applied through that the scheme money could not be used for a deposit.

if this is not the case then even better.

we applied yesterday so hopefully we are in time for April. i will update when we find anything out.

blonid

In the hampshire area the funding for open market home buy from March is now only for keyworkers and not for first time buyers, council tenants etc. This is what I was told. And remember if you are a keyworker and you leave the profession you have two years to pay back the percentage of the loan.

I cant say if its a good scheme or not though!

vanilla8

wheresmydoshat wrote: »

thanks, i had read on the website we applied through that the scheme money could not be used for a deposit.

if this is not the case then even better.

we applied yesterday so hopefully we are in time for April. i will update when we find anything out.

In terms of deposit when u exchange/complete - Normally your solicitor negotiates a small one - or none at all. My solicitor is using the money we are paying them as the deposit (including stamp duty)

In effect halifax see us as having a 75% mortgage with them, and the other 25% from the government is very much like a deposit.