chloe16v
Member
Registered: 29th Nov 07
Location: Rotherham
User status: Offline
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how does this homebuy scheme work? it says its an equity loan, does that mean the money from the equity loan will be used as your deposit on the house you are wanting to buy? can someone please give me any info on it please
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Ste
Premium Member
Registered: 5th Mar 03
Location: Taif, Saudi Arabia
User status: Offline
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Clicky
I would rather lose by a mile because i built my own car, than win by an inch because someone else built it for me.
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Daniel_Corsa
Premium Member
Registered: 21st Apr 04
Location: Wigton, Cumbria
User status: Offline
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You pay a deposit, then get a mortgage, and then the home builder and goverment loan you the remainder for a fixed period say 5 -10yrs.
Deposit - 5%
Mortgage - 75%
Home Buy - 20%
After the 5 - 10 yrs you then require to mortgage the extra 20% of the home or sell it on etc.
April '06' Corsasport Feature Car  | Aug '08' Total Vauxhall Feature Car | Spring '09' Fast Car Feature Car
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Paul_JC
Member
Registered: 28th Jan 09
Location: Corby
User status: Offline
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Two guys at my work deal with the homebuy direct everyday, would recomend ringing them to talk about it if you dont live to far away from northamptonshire.
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Paul_JC
Member
Registered: 28th Jan 09
Location: Corby
User status: Offline
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Oh and its deposit of around 4%
Mortgage is 70%
Homeybuy works out as:
Government - 15%
Builder - 15%
you have to put in a small deposit to show willing etc.
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AlunJ
Member
Registered: 3rd Apr 07
Location: Newport
User status: Offline
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homebuy isn't available where I am, but bovis did a scheme pretty much the same, I put 5% deposit down, mortgage for 75% and the remainder is retained by the builder. After 5 years, I have the option of buying the builders share through remortgaging - if I haven't done so after 10years I have to sell it.
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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Sounds like as much of a rip off as any other scheme.
If they really wanted to make houses 'affordable' they'd drop the prices. Instead they sell you it at the same price only over a longer period of time.
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AlunJ
Member
Registered: 3rd Apr 07
Location: Newport
User status: Offline
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aye it's not brilliant, got me on the ladder though and I intend to sell after 5 years tbh
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Cavey
Member
Registered: 11th Nov 02
Location: Derby
User status: Offline
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We've just got a house on the homebuy scheme, I agree with Andy really, but it was the only way we could get the house we wanted at the moment.
We got a £123k mortgage, £10k deposit, and the house value is £190k.
After 5 yrs we have to start paying back the 30% (£57k) at 1.75%, so might cost a bit when that happens, but for the first 5 yeasrs we're ok!
We plan on re-mortgaging at the end of the 5 years and buying the remaining 30% of the house so that our moneys going to one place.
iirc, depending on where you are you may or may not have to put a deposit down, not all of them need it.
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Conway563
Member
Registered: 7th Jun 06
Location: Yate, Bristol
User status: Offline
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We're currently looking in to this after looking at a couple of places last week, I'm expecting a phone call to discuss it this week
One thing I wasn't aware of before though is the scheme ends in September so you need to crack on with it
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Cavey
Member
Registered: 11th Nov 02
Location: Derby
User status: Offline
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personally i think it is a pretty good deal.
The only worry is that after the 5 years the percentage on the loan amount could and probably will alter, hence the reason we are hoping to take the full amount for the house.
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