personally i think it is a pretty good deal.

The only worry is that after the 5 years the percentage on the loan amount could and probably will alter, hence the reason we are hoping to take the full amount for the house.

We're currently looking in to this after looking at a couple of places last week, I'm expecting a phone call to discuss it this week

One thing I wasn't aware of before though is the scheme ends in September so you need to crack on with it

We've just got a house on the homebuy scheme, I agree with Andy really, but it was the only way we could get the house we wanted at the moment.

We got a £123k mortgage, £10k deposit, and the house value is £190k.

After 5 yrs we have to start paying back the 30% (£57k) at 1.75%, so might cost a bit when that happens, but for the first 5 yeasrs we're ok!

We plan on re-mortgaging at the end of the 5 years and buying the remaining 30% of the house so that our moneys going to one place.

iirc, depending on where you are you may or may not have to put a deposit down, not all of them need it.

aye it's not brilliant, got me on the ladder though and I intend to sell after 5 years tbh

Sounds like as much of a rip off as any other scheme.

If they really wanted to make houses 'affordable' they'd drop the prices. Instead they sell you it at the same price only over a longer period of time.

homebuy isn't available where I am, but bovis did a scheme pretty much the same, I put 5% deposit down, mortgage for 75% and the remainder is retained by the builder. After 5 years, I have the option of buying the builders share through remortgaging - if I haven't done so after 10years I have to sell it.

Oh and its deposit of around 4%
Mortgage is 70%
Homeybuy works out as:
Government - 15%
Builder - 15%

you have to put in a small deposit to show willing etc.

Two guys at my work deal with the homebuy direct everyday, would recomend ringing them to talk about it if you dont live to far away from northamptonshire.

You pay a deposit, then get a mortgage, and then the home builder and goverment loan you the remainder for a fixed period say 5 -10yrs.

Deposit - 5%
Mortgage - 75%
Home Buy - 20%

After the 5 - 10 yrs you then require to mortgage the extra 20% of the home or sell it on etc.

Clicky

how does this homebuy scheme work? it says its an equity loan, does that mean the money from the equity loan will be used as your deposit on the house you are wanting to buy? can someone please give me any info on it please