Anyone got a mortgage under the HOMEBUY scheme

[ohshoot]

Just wondered as my friend has been accepted onto the homebuy scheme but struggling with the mortgage side because noone seems to understand it ??????

you have to be renting a council house dont you?you pay part and the government pay the rest.you dont pay back but if you sell at any point they get their percentage of what they own.something like that.

mummy115 is that not shared ownership your talking about?

Not sure about the homebuy...

sorry i think we are talking about the same thing

What do you mean ohshoot? who is not understanding it? & why is she struggling?

One of my sisters is on the part buy, part rent scheme which i believe is sometimes called homebuy in other areas.

Her house is from housing association.

She pays rent to them for the half that they own and has a mortgage for the half that she is buying.

If she's ever in a position to increase her payments then she can increase her share to 75% or hopefully one day 100%.

If she ever finds herself struggling to pay then she may be able to decrease her ownership percentage.

If she sells the property then housing association would always get first offer as they part own it.

Hope this helps.

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