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Mychoice homebuy
Northants_Simon
Posts: 130 Forumite
Earlier in the year I was looking for a house and couldn't find much I could afford. I was also struggling to raise the deposit.
About 5 weeks ago I had a call from the FA at the estate agents, they told me about Homebuy and got me to fill in the forms. I have since had a letter saying I have been accepted.
I have an existing mortgage agreement in principle for £177k. The estate agent is saying I need to look for a house for that and then Homebuy will pay 15%. Reading on the web it seems the scheme doesn't work like that but they top up your mortgage with a loan up to the value of the house you require. Does anyone know who is right?
In my case I have a family of 5 (2 adults, 3 kids) and need a 4 bedroom house. In my area I'd have to pay £200,000 for a basic 4 bed in good condition. I presume the homebuy scheme would lend me the difference between my mortgage (177k) and the purchase price?
About 5 weeks ago I had a call from the FA at the estate agents, they told me about Homebuy and got me to fill in the forms. I have since had a letter saying I have been accepted.
I have an existing mortgage agreement in principle for £177k. The estate agent is saying I need to look for a house for that and then Homebuy will pay 15%. Reading on the web it seems the scheme doesn't work like that but they top up your mortgage with a loan up to the value of the house you require. Does anyone know who is right?
In my case I have a family of 5 (2 adults, 3 kids) and need a 4 bedroom house. In my area I'd have to pay £200,000 for a basic 4 bed in good condition. I presume the homebuy scheme would lend me the difference between my mortgage (177k) and the purchase price?
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Comments
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I would also appreciate any info on this if anyone knows! Thanks0
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This is a bit of a late reply, but I doubt they would help you here. They would say you can afford it yourself. You could however get their help to buy somewhere worth more, maybe around 300k. That's the way this scheme works. The other thing to do if you don't want to spend that much is to try and ensure you get less of a mortgage, so that you can accept at least 15% of the equity loan.
They will also take ALL of the money you have apart from 10k as a deposit.0
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