First Time buyer initiave/equity loans?

talliedebtbuster

Hello there

Has anyone got one of the keyworker schemes. I am looking into this first time buyer initiative or my choice home buy scheme. What difficultites have people had? What do you think?

Do i start making repayments after 3 years on both? How does it all work? !! Im confused with all the literature! I want to buy a new build which come to promotion in late summer, its my perfect place, location. Im starting to save for the fees and moving costs.

Any help with this most grateful guys!!

Sorry about the spelling at the top! My computer weird today!
Tallie

happypig

Just a thought, but can you apply for MyChoiceHomeBuy and buy a new build with the 'open market' scheme? It might just suit some better?

BTW, I replied on to you on the other thread too.

sazzaline

I work for the nhs and used the keyworker scheme.

We bought a property on the open market home buy scheme about 4 years ago. They gave us an equity loan which we used on top of our mortgage, which works out as a percentage of the property value. They then get this percentage back when we sell (which unfortunately we are trying to do, the sale fell through today!!)

I'm not sure about the other schemes though as it has changed a bit i think since we did it. I will ask my sister though as she has done it since and get back to you.

The only problems we've had with it are that for us they charge for valuations when you try to remortgage or when you sell (the valuations only last 3 months when you are selling, so far we've had to do two and more in the future now i feel after today!)

Hope that helps.