Anyone know anything about the new 'homebuyers scheme' ?

[~*Leanne*~]

We have just put an offer in on a house, have just been speaking to the estate agent and she asked if i had heard of the 'homebuyers scheme' the government have just brought out to help first time buyers. she said that they give you half the price to the property, so in our case (taking off the deposit) £100,000 so they give you £50,000 as a 'loan' and you have a £50,000 mortgage, but pay so much a month back for the 'loan' as well as the mortgage but she said that it reduces your monthly payments by loads. we have been quoted, for a £100,000 mortgage to pay £620 a month, she said it wont be anywhere near this - which is fantastic news for us!!!

got an appointment next Friday to talk about it.

but just wondered if anyone else had heard about this/know anything about it/got it?

thanks

 

[HideiLu]

I only heard a snippet of this on the news last week, and as far as I remember it was for new build houses only But I haven't heard anymore about the scheme since and not sure if that's right x

 

[Tenshineko]

We got our mortgage before this came out but i know you can get certain homes where you pay 50% mortgage and 50% loan and it works out cheaper not sure what the terms and conditions are though. I think my sister was going to go for something like that but couldnt get the deposit together We pay about £612 for £100,000 its a lot a month the people who owned it before paid £25 a month (they bought it off the council), wish we paid that a month.

 

[tuck]

There is a link on the government website, though it looks good on paper I'd really look into it cause looks like if and when you sell you pay back a percentage of the sale price and not the bought price so if your house has drastically increased you end up loosing probably more than you would have paid as your mortgage.

http://www.direct.gov.uk/en/HomeAndComm ... /index.htm

ps the house looks lovely