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Is renting really that bad?
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[quote][i]Originally posted by Cavey[/i] [quote][i]Originally posted by Conway563[/i] [quote][i]Originally posted by Cavey[/i] So you don't NEED a deposit if you can find schemes like we did, it just helps a lot! [/quote] Every scheme I've looked into where it states you don't need a deposit has been bull. The shared equity schemes which are advertised as needing no deposit you still need 10% of your share to put down Any more information on the one you're talking about? [Edited on 06-10-2009 by Conway563] [/quote] We're going on the homebuy direct scheme, you pay for 70%, the Government and Housebuilder pay the other 30%, 15% each, you don't pay any back for 5 years, then it's 1.75% on it. So the house we're getting was £190k, we pay £133k, the other 2 pay £57k. Then after the 5 years we can re-mortgage for the full amount, and pay back the loans, or just pay the 1.75% interest on the other 30%. If we sell up, they take 30% of the price we recieve. http://www.communities.gov.uk/housing/buyingselling/ownershipschemes/homebuy/HomeBuyDirect/ We were told we didn't need a deposit, but it helps, I'm not sure if that's true or not as we had cash anyway, so didn't worry about it. It's a long process with the scheme though, we started looking in June/July, took a month or so to have the application approved, we're now fully reserved, just got a solicitor on monday, and she said it'll take 2 months or so now because of this scheme. Expensive for solicitor too! [/quote]
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