Has anyone bought through homebuy?

[LargeGlassofRed]

We're currently renting but would love to buy one day, any advice or opinions on homebuy would be great, thanks.

we did my choice home buy. We pay a mortgage on 67% of our property, we them pay mchb rent every month. We can buy more % of the property or if we dont after 25 years we will have to buy it outright or mortgage he outstanding amount. Feel free to ask any questions i'll do my best to help.

Thanks pinkp,
Did you have to wait long to find a house?

Did you rent before? and if so is the combined rent and mortgage alot more?

Did you get the number of bedrooms you needed or less?

Have you had any problems with the scheme?

Thanks

No we didnt have to wait long to find a house,the only houses we wernt allowed to buy on the scheme were new builds(i'm not100% sure of this so please check),repossed houses and houses that needed alot of workto do up (i mean thousands) apart from that wecould pick ANY house.

Yes we rented before and the mortgage is exactly the same as the rent we use to pay!We then have to pay about £90 a month 'rent' to my choice homebuy.

We got 3 bedrooms, at the time we only needed 2 but were planning on extending our family.

Never had no problems with the scheme. If we didnt do the scheme we would never of been able to afford the house were in now (3 bedrooms, 2 gardens, conservotory, garage,drive) we would of had to of settled for a smaller terraced house (2 bedrooms) in not as nice area.

The only 'bad' (its not really bad) thing about the scheme is homebuys share of your house can't decreaseit can only go up. they recommend you buy more % of your house as soon as possible as you'll have to pay homebuy the market value for their share (unless its less). Sorry its hard to explain heres an example:

if u bought a house for 100k and you owned 50% and home buy owned 50% (so u both own 50k) and your house went down in value to 90k, you will still have to pay homebuy 50k (i cant imagine house prices falling tho). Also if the value of your house went to 200k, then you'd have topay home buy 100k for their half.

Thanks pinkp. I hadn't heard of the my choice homebuy, I don't think its available anymore, I wish it were.

I'd much prefer a house we could do up, not a new house.

I filled in the application for homebuy and we've been excepted for a 5 bed but none available in our area, there is alot of building going on so hopefully some will go on the homebuy scheme.