Homebuy Scheme

[hindle8907]

can you change the period afterwards ?

[CheGuevara]

Originally Posted by hindle8907

can you change the period afterwards ?

Can't say I know in detail how it works here, but generally you take out a mortgage with terms set for a fixed period of time (1,2,5 years etc even though the mortgage may paid over 25 years). When that expires you can negotiate new terms or find another lender.

Find yourself a mortgage broker (independant of the banks) who can give you the gory details and make some recommendations on what you can afford to borrow.

[hindle8907]

cheers for the advice guys me and heather my partner have just left a 500 pounds reservation fee on a house on the home buy scheme,
A big thanks to the OP for brining this scheme to my attention we was just about to sign another 12 months Rent contract.
the house is a 3 story town house and is a amazing its not built yet but we have been in one thats the same layout. but this means we get to pick everything just waiting for the application to complete on the home buy scheme but we have been told its very unlikely we will get denied so whoooowhooooo

[CheGuevara]

Originally Posted by hindle8907

cheers for the advice guys me and heather my partner have just left a 500 pounds reservation fee on a house on the home buy scheme,
A big thanks to the OP for brining this scheme to my attention we was just about to sign another 12 months Rent contract.
the house is a 3 story town house and is a amazing its not built yet but we have been in one thats the same layout. but this means we get to pick everything just waiting for the application to complete on the home buy scheme but we have been told its very unlikely we will get denied so whoooowhooooo

I got our application in on Friday (or rather sent it to our mortgage broker who is dealing with it for us). He says it's usually in the 8-10 day range before we get an answer back. I feel confident that we'll get approved, it's just a question of the size of the place they'll let us have.

Let us know when you find out, and I'll do the same. Did you haggle the price down on the house at all?

Point of interest -our developer (Redrow) stated that they couldn't accept a deposit until after we had approval from Homebuy...

[hindle8907]

Originally Posted by CheGuevara

I got our application in on Friday (or rather sent it to our mortgage broker who is dealing with it for us). He says it's usually in the 8-10 day range before we get an answer back. I feel confident that we'll get approved, it's just a question of the size of the place they'll let us have.

Let us know when you find out, and I'll do the same. Did you haggle the price down on the house at all?

Point of interest -our developer (Redrow) stated that they couldn't accept a deposit until after we had approval from Homebuy...

Yeah we only got 2500 off but we got carpets throughout and Lineo in the onsweet,family bathroom, downstairs bog and kitchen.
so its about 5 grand really.

i cant belive we have to pay 150 quid for a TV Ariel though and there is no lawn ither you have to pay for that

but i dont think they will drop the price much because of the scheme did you manage to get much off ?

[CheGuevara]

We haven't gotten to the negotiating stage yet, but the house is complete with flooring etc and ready to move in at it's listed price. I'll try and haggle hard though -worst they'll do is say no and I'l need to up the offer.

I woulnd't worry too much about the lawn. If the stuff they use around here is anything to go by, I'd rather select my own and do it right. I used to harvest and install turf when I was in my teens and it's really not difficult. Like anything the big effort is in the prep -making sure the srface is smooth and level. Rent yourself a landscaping rake (wide) and do the best job you can manage. Don't stretch out the turf (it'll shrink anyhow and this wil just make the resulting gaps worse), make sure to butt the joints up nice and snug, and then be sure it doesn't get a chance to dry out while it's developing roots (for a good few weeks).

£150 for an aerial though... might be cheaper to just get a Sky dish, or a freeview dish?

[CheGuevara]

BTW - I messaged Ed on the form here a question here about using a solicitor when buying a home. This is the sort of thing he doesu and there are many checks thatr would never have crossed my mind. Might be worth dropping him a line if you haven't found one yet.

[Drew Carey]

Quick Q, did you guys still need to find 5% deposit?

[hindle8907]

Originally Posted by Drew Carey

Quick Q, did you guys still need to find 5% deposit?

yeah mate i did.

[Drew Carey]

Cool.....that was what we needed to save. Until we then realised that the properties that are available round our way are mostly 2 bed apartments or small houses. We need somewhere bigger. So will take longer to save etc and find right place. At which point the scheme will probably have ended. So a bit more renting for us yet. lol