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    Homebuy Scheme

    Firstly, has anyone done this?

    I am 25 and still at home with the parents and I am slowly getting really annoyed with my lack of space, the fiance is finishing her PGCE this year so she will be a teacher, but we/I need our space now!

    I have only come across this today and was wondering what the chances are of them allowing me with a single wage to go ahead and do this, its only a stop gap until the girlfriend has a job then we can either sell and move on or arrange to buy the house 100%.

    Can someone give me some advice on this as I am really at my wits end with this and need to have my own place with the missus asap. Pro's and con's of this and whatever I am missing out on.

    Thanks

    13 Comments

    hotukdeals.com/ite…ow-

    I asked about this scheme earlier today.. lol

    Not really sure about your question though, someone will have a better idea

    I wouldn't suggest it as they can be really complicated. You're better off renting until you're ready to buy somewhere, especially as it's only going to be a year or so.

    what Homebuy scheme are you thinking about? more than one

    this will be your best reference :thumbsup:

    homesandcommunities.co.uk/buy…htm

    Original Poster

    thanks for the replies

    baffledsalmon;7510424

    I wouldn't suggest it as they can be really complicated. You're better … I wouldn't suggest it as they can be really complicated. You're better off renting until you're ready to buy somewhere, especially as it's only going to be a year or so.



    I wouldn't waste the money renting.

    We live in a house bought via one of these schemes and it has worked out incredibly easy for us and enables us to have our house now.

    OP, you seem to have a pretty good plan there and it is quite similar to ours- buy now with the incentive and remortgate/buy outright in a couple of years time. We got apporved on just my boyfriend's wage as I'm self employed so it can't hurt to go and ask.

    spider1986;7510713

    I wouldn't waste the money renting.We live in a house bought via one of … I wouldn't waste the money renting.We live in a house bought via one of these schemes and it has worked out incredibly easy for us and enables us to have our house now. OP, you seem to have a pretty good plan there and it is quite similar to ours- buy now with the incentive and remortgate/buy outright in a couple of years time. We got apporved on just my boyfriend's wage as I'm self employed so it can't hurt to go and ask.



    Can your wages not be counted then if you're SE? My OH is main wage earner, and as I will be new to the area it's unlikely I will get a job straight away... So we are counting on his wages really, he is SE.

    spider1986;7510713

    I wouldn't waste the money renting.We live in a house bought via one of … I wouldn't waste the money renting.We live in a house bought via one of these schemes and it has worked out incredibly easy for us and enables us to have our house now. OP, you seem to have a pretty good plan there and it is quite similar to ours- buy now with the incentive and remortgate/buy outright in a couple of years time. We got apporved on just my boyfriend's wage as I'm self employed so it can't hurt to go and ask.



    what does being self employed have to do with it? Surely they can't discriminate? lol

    Please look into what you might sign up for as not all Homebuy schemes ie shared owership you can puchase outright currently with new properties it only 80%
    it you want to eventualy fully own the property you need Homebuy Direct which is usaly done through a developer on a new housing development

    Jed Maxwell;7511085

    what does being self employed have to do with it? Surely they can't … what does being self employed have to do with it? Surely they can't discriminate? lol




    only about 4 (i think) lenders currently in the 'Homebuy' market some want a 25% deposit if you want to buy a flat!! more risk as a 3 party is involved they do what they want!

    ChipSticks;7511049

    Can your wages not be counted then if you're SE? My OH is main wage … Can your wages not be counted then if you're SE? My OH is main wage earner, and as I will be new to the area it's unlikely I will get a job straight away... So we are counting on his wages really, he is SE.



    Jed Maxwell;7511085

    what does being self employed have to do with it? Surely they can't … what does being self employed have to do with it? Surely they can't discriminate? lol



    It can be counted but I think you have to be self employed for more than two years if you want it to count towards a mortgage.

    I was borderline so we decided to just go with my boyfriend's wages. We pay £360 in mortgage a month which is much less than renting in our area so it worked out ok for us.

    spider1986;7511287

    It can be counted but I think you have to be self employed for more than … It can be counted but I think you have to be self employed for more than two years if you want it to count towards a mortgage.I was borderline so we decided to just go with my boyfriend's wages. We pay £360 in mortgage a month which is much less than renting in our area so it worked out ok for us.



    ah.. I see.. You pay rent as well as the 360 mortgage though right?

    Jed Maxwell;7511647

    ah.. I see.. You pay rent as well as the 360 mortgage though right?



    No, we own 100% of the house and pay no rent, just the mortgage.

    Ours was a scheme offered by a developer. We paid 75% now and the remaining 25% we owe to them in 10 years unless we remortgage/sell up first. It works as an interest free loan but at the end of it all their share will have risen in value (due to house prices going back up) and our share will have risen.

    Banned

    please, please, please consider this carefully before doing anything, if it is where you pay back the rest in say 10 years time, you could end up losing your home in 10 years, not everything changes for the better, house prices, jobs,funding it later may seem a step on the ladder but it wont do in 10 years if the prices crashed and nothing had changed for you meaning you still couldnt afford the rest
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