New choice home buy

BiggaThanBen

tinkerbell1985 wrote: »

The My Choice HomeBuy scheme has an interest charge on the loan given of up to 1.5% per annum (payable monthly)

Whereas the OwnHome (through Places for People) have no payments on the loan for the first 5 years, then in years 6-10 there is a fixed interest rate of 1.75%, then in year 11 the interest rate is 3.75%.

OMHB (GLO) was the best scheme ever, no interest charges for life ...

PasturesNew

Yes, it's not as simple as it seems. Quite a range of criteria are applied - and it's different everywhere.

I think my major annoyance is that single people are back of the list again. Councils rate a couple higher than a single for housing lists. I've never understood why because they have TWO incomes and SHARED costs.

Where I used to live I knew a couple who got a house fairly quickly, then when they split up the one who left got re-housed too. And all the while I was on the list 10 years before them... and was still advised it would be way over another 20 years before they could maybe offer me a room in a shared house.

"single" doesn't mean 18-30.
"single" can be any age. I am late 40s now and single. Never married, never lived with anybody.

tinkerbell1985 wrote: »

The schemes are designed to help anyone on a household income between £20,000 - £60,000

Harder for a single to achieve.

tinkerbell1985 wrote: »

but certain people will have priority. Including Keyworkers (NHS Nurse, Teachers, Firefighters etc etc), those in housing association/local authority properties, those registered as priorities on the local Housing Register and other priority groups recommended by the Regional Housing Board.

And singles will be at the end of that list too.


I am actually OK for housing now, but that doesn't stop me mentioning the corner for older singles ... always back of the list and more likely to be poor because they have one income and usually no top up benefits flooding in.

mariagti

i still really dont get this scheme my choice homebuy. It confuses me

Mine and OH's income together is £22,000 and if you can include overtime on that its £25,000. we have a deposit of £10,000

if we wanted to join this scheme what do we do? Do we have to go and put our names on the council housing list then go to the places doing the scheme? there is a couple of these schemes close by to me.

and do we only buy half of the house/flat? Then what happens when we have paid that half off.can we buy the other half?

BiggaThanBen

mariagti wrote: »

i still really dont get this scheme my choice homebuy. It confuses me

Mine and OH's income together is £22,000 and if you can include overtime on that its £25,000. we have a deposit of £10,000

if we wanted to join this scheme what do we do? Do we have to go and put our names on the council housing list then go to the places doing the scheme? there is a couple of these schemes close by to me.

and do we only buy half of the house/flat? Then what happens when we have paid that half off.can we buy the other half?

You would need to contact HA in your area first (check on http://www.housingcorp.gov.uk), rules differ, "council housing list" only gives you priority sometimes, but it is not always a mandatory requirement

You own 100% of the property (not like Shared Ownership schemes) but there is also a loan secured against your property. You can repay it at any time when you feel comfortable to do so or obviously when you sell the property.

mikthe20

Addy1 wrote: »

Key workers are essential (imagine a town without teachers, nurses, police officers) and they are totally priced out of the market in many areas, therefore leading to a shortage in those areas. This is an incentive to help such essential people live nearer to where they work, thus providing for the local community.

I still don't get it. Please bear with me as I am not having a go at "key" workers personally, just government policy:

Imagine if everyone was a teacher, nurse or police officer - how would they get paid? That's right, they wouldn't - they rely on other workers, those in productive industries, to pay them. So no other workers, no "key" workers. It seems to me that the workers who are really key are those who pay taxes and are not paid from taxes.

If there were no people in productive industries there would be no economy at all. If there were no people in emergency services or teaching those remaining would simply have to learn their skills or home teach, but there would still be people generating revenue.

I am not having a go at those in emergency or public services, just that it seems terribly unfair to give advantage to one set of the population, and hence disadvantage the part of the population that pays their wages. As far as I'm concerned, anyone who pays income tax is a key worker, no matter what their job is, since they contribute to paying for public services.

BiggaThanBen

mikthe20 wrote: »

If there were no people in productive industries there would be no economy at all.

Well, I assume it is better to have no economy than have people dying and killing each other on streets ...

mikthe20 wrote: »

I am not having a go at those in emergency or public services, just that it seems terribly unfair to give advantage to one set of the population, and hence disadvantage the part of the population that pays their wages

In fact, these schemes are not limited to Key Workers, actually conditions are ofter worse for Key Workers than in schemes for everyone - if you stop being a key worker you have to repay the loan within 3 years, even if you are not selling the property ..

tinkerbell1985

OMHB (GLO) was the best scheme ever, no interest charges for life ...Today 1:53 PM

The GLO (Government Loan Only) scheme was very good, however, you were only able to borrow up to 17.5% of the property value. This was the case in the South, where I work, I presume this was the same all over the counrty??The new schemes are up to 50%, so it helps those on a lower income.

Mariagti- what area of the country do you live in? I can give you your local zone agents contact details - it is this Zone Agent that you need to contact (a government appointed housing association). I would also recommend contacting your local council to see if they will accept you onto thier housing list.

If, for instance you borrow 50%, you can repay that loan after one year, if for example you get a big pay rise and can remortgage or inheritance or something! With the My Choice Homebuy, you can pay back part of the loan at a time, like you can with Shared Ownership (in steps). You could not do this on the old OMHB scheme - you had to pay back the whole loan in one go. I'm not sure on the rules with the OwnHome scheme!

Any other questions, just shout!

mariagti

tinkerbell1985 wrote: »

OMHB (GLO) was the best scheme ever, no interest charges for life ...Today 1:53 PM

The GLO (Government Loan Only) scheme was very good, however, you were only able to borrow up to 17.5% of the property value. This was the case in the South, where I work, I presume this was the same all over the counrty??The new schemes are up to 50%, so it helps those on a lower income.

Mariagti- what area of the country do you live in? I can give you your local zone agents contact details - it is this Zone Agent that you need to contact (a government appointed housing association). I would also recommend contacting your local council to see if they will accept you onto thier housing list.

If, for instance you borrow 50%, you can repay that loan after one year, if for example you get a big pay rise and can remortgage or inheritance or something! With the My Choice Homebuy, you can pay back part of the loan at a time, like you can with Shared Ownership (in steps). You could not do this on the old OMHB scheme - you had to pay back the whole loan in one go. I'm not sure on the rules with the OwnHome scheme!

Any other questions, just shout!

Thanks, im in chelmsford essex, and there is a development right behind my parents house where i live now doing it called baddow grange. I have found my local housing agent is called Moat.

mariagti

Development:
Area:
Property Status:

Baddow Grange
Chelmsford
Available

[ Full Details ]

6 x 1 bedroom apartments available at Baddow Grange, Baden Powell Close, Great Baddow.
[Click here for more details]

Bedrooms:1 | Property Type: Apartment |Full Price From: £150000 | Share: 35%
It says here prices from £150,000 share 35% so does that mean i would only own 35% for £150,000!!!!!??? Or thats the share they would have?

tinkerbell1985

mariagti wrote: »

Development:

Area:
Property Status:

Baddow Grange
Chelmsford

Available

[ Full Details ]

6 x 1 bedroom apartments available at Baddow Grange, Baden Powell Close, Great Baddow.
[Click here for more details]

Bedrooms:1 | Property Type: Apartment |Full Price From: £150000 | Share: 35%
It says here prices from £150,000 share 35% so does that mean i would only own 35% for £150,000!!!!!??? Or thats the share they would have?

That looks like Newbuild Homebuy (Shared Ownership), so is different to the My Choice and Ownhome. The £150,000 will be the whole property value and you will raise a mortgage for 35% of that. You can then 'staircase' up to own a higher percentage or the full 100% at a later date if you wish. You will still need to register with Moat though.