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Original poster

Homebuy scheme

8 replies

Charlene1 · 11/04/2006 12:45

Anyone planning to buy a house under the new "Homebuy" scheme? We have been told that new rules apply to it from April 2006, so more people can get the money. Anyone know of the new rules/restrictions etc? Last yr you were supposed to be on housing benefit and/or a waiting list to qualify. Is there any "catches" to it? We don't want shared ownership as we would never own the freehold and the houses round here are in "bad areas", too far from town etc.

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Original poster
Charlene1 · 12/04/2006 13:24

Anyone???

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Original poster
Charlene1 · 14/04/2006 00:32

bump!

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AngelaD · 16/04/2006 17:00

www.scambs.gov.uk/housing/councilhousing/waystomovehome/homebuy.htm

Find out what happens if prices drop and you haven't got the 25% to repay the mortgage when you sell the house.

Original poster
Charlene1 · 17/04/2006 21:40

Think it would be the same as anyone in negative equity - how do people pay that back??

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AngelaD · 17/04/2006 22:40

Well exactly would it be negative equity or would it be written off ?

Original poster
Charlene1 · 17/04/2006 23:37

Can't find anything on net, just getting the basics of what it is, and various housing associations running it, all saying same thing. Have emailed 7 HA's and the local "homebuy" agent near me - no replies. Can't find any "catches" - but it sounds too good to be true.

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Original poster
Charlene1 · 20/04/2006 12:24

bump

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Original poster
Charlene1 · 22/04/2006 22:09

Has no one heard of this?? Went to see financial advisor today - he knew nothing of it either. It's been all over the news. Basically, unless I go back to work full time, we haven't got a hope in hell of getting a decent house where we live, without this Homebuy scheme. I can't go back to work as I'd pay out more in childcare etc, and we'd then have no money to pay a huge mortgage.

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