Government loan for first-time buyers

It sounds great for first-time buyer like me. I am wondering how to apply it.

Link: news.bbc.co.uk/1/h…stm

5 Comments

how is this guna work if 1 person wants to sell and the other doesn't, ??

Original Poster

it is not co owner. You can sell it as you wish.

misstop.co.uk;3802781

it is not co owner. You can sell it as you wish.


Yeah i see :?

With shared equity, the first time buyer does not own the property in conjunction with any other party (unlike shared ownership) but takes out more than one loan for the property. A mortgage and an ‘equity loan'. You are the only person on the deeds. There is no co-owner. However, when the property is sold, the ‘first time buyer' has to repay the loans AND a proportion of any increase in equity of the property to the party making the ‘equity loan'.

[SIZE=2]I think this is going to be the next mis-sold saga, after the fiasco of Endowment policies.[/SIZE]

[SIZE=2]But thats just me being hacked off after getting my fingers burned [/SIZE]
[SIZE=2]If you do go for it I hope it does go well for you tho good luck[/SIZE] :thumbsup: :santa:

Edit, you are basicly borowing against your, assumed future equity, as I see it, hoping that it will have equity in the near future

Original Poster

It seems hard to apply. I am first time buyer but not priority one.

it did make me laugh when i saw this story, similar schemes run like this at the moment nothing new. This does depend on the area you live in look at housingcorp.gov.uk/cfg…154 to find out who your local 'agent' is and contact them to find out if you are eligible. The scheme is currenly called open market homebuy but has previously just been called homebuy. You can have a equity loan (charge held against your property) to enable you to purchase a property of your choice and you can choose to pay it back if you want to allow full owership, but is a big pot of money dished out on a first come first serve basis! you will be priority if you are currently a housing or local authority tenant or on a housing waiting list - so if your not on your local authority waiting list a big tip join now! hint hint :thumbsup:
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