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Thread: New Build HomeBuy scheme .... help

  1. #1
    Regular Member dannyjpuk's Avatar
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    Default New Build HomeBuy scheme .... help

    hey all as abvove im looking into it as some of you are aware i split up from my gf who i was with for 4 years i have a little girl age 1 and a half any way im back home and there is a lot of tension i want out im 25 and need my own place i only want to borrow 70k im currently on 22k with work ect i have been looking and there is places for 70k but arnt that nice however there is a few new builds that are doing this home share you get the choice to own 25% or 50% or 75% of your new build im looking into does any one have any advice or can help me in the right direction its a big step for me


    cheers all

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    Regular Member Penfold101's Avatar
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    You could sell the car - that's another 10 grand to help you along...

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    Regular Member dannyjpuk's Avatar
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    Quote Originally Posted by Penfold101 View Post
    You could sell the car - that's another 10 grand to help you along...

    yes i have been thinking that just get a run around

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    Regular Member Penfold101's Avatar
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    That would be my first bit of advice mate - it's a great looking car but a house has to be a proiority...

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    Regular Member Derek Mc's Avatar
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    The problem is not new nor unique. If you can get a deal on even a 50% stake take it as that is far better than gifting money to a Landlord and getting no return. I would recommend sitting down with a good IFA there going to be getting their fees from the mortgage company but since this recession hit funding is incredibly hard to get for 99% of the population but a good Independant Financial Advisor, will know where to seek monies that will be available to you in your circumstance.

    A lot is based on your past, any CCJ's or arrears are now quite a serious blemish but if you have been good, and have a reasonable employment history as well, then they will be able to help.

    The regrettable part is in Co-op ownership that a bulk of the profit will never be yours but in comparison to rent it is still a massive leap forward.

    Sorry I cannot be more help than this but I feel for you.

    Best wishes

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    Regular Member Fruit'n'nut's Avatar
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    Quote Originally Posted by Derek Mc View Post
    I would recommend sitting down with a good IFA


    Best advice ^

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    Regular Member Wolflinn's Avatar
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    Remember you have to pay rent on the remainder of the house you are not paying mortgage on.
    It is a good way to get your foot on the ladder, the amount of people going for part ownership is only going to increase.
    Try not to buy somewhere that is above the market value in the first place.
    Try not to stretch yourself so far that you can not cope with any inflation rises we are sure to get under a conservative government.

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    Regular Member pugs,signum's Avatar
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    Default house

    If it were me id go for the house for 70K outright and concentrate on slowly doing it up as it's all yours then

    Iv heard a few nasty stories about part ownership that make it very hard to get out of it after e.g if you buy a place 50/50 for 120k and you mortgage 60k and housing takes a further downturn and the place is worth 100k went you want to sell you'l owe 60k to the company you went 50/50 with and get 40k for yourself when you'l still owe 60k to mortgage leaving you 20k out of pocket,but on the other hand if it goes up to say 140k you'l owe 70k to company and get 70k yourself giving 10k priffit for your next place.

    good luck with what ever you choose
    Darren

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    Regular Member dannyjpuk's Avatar
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    Quote Originally Posted by Derek Mc View Post
    The problem is not new nor unique. If you can get a deal on even a 50% stake take it as that is far better than gifting money to a Landlord and getting no return. I would recommend sitting down with a good IFA there going to be getting their fees from the mortgage company but since this recession hit funding is incredibly hard to get for 99% of the population but a good Independant Financial Advisor, will know where to seek monies that will be available to you in your circumstance.

    A lot is based on your past, any CCJ's or arrears are now quite a serious blemish but if you have been good, and have a reasonable employment history as well, then they will be able to help.

    The regrettable part is in Co-op ownership that a bulk of the profit will never be yours but in comparison to rent it is still a massive leap forward.

    Sorry I cannot be more help than this but I feel for you.




    Best wishes
    i have no bad credit i have a good score ... yes i agree i personaly think renting private is dead money or paying for someone elses mortgage

    its a hard one and yes ill seak advice god wish i didnt haft to grow up lol

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    Regular Member dannyjpuk's Avatar
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    Quote Originally Posted by pugs,signum View Post
    If it were me id go for the house for 70K outright and concentrate on slowly doing it up as it's all yours then

    Iv heard a few nasty stories about part ownership that make it very hard to get out of it after e.g if you buy a place 50/50 for 120k and you mortgage 60k and housing takes a further downturn and the place is worth 100k went you want to sell you'l owe 60k to the company you went 50/50 with and get 40k for yourself when you'l still owe 60k to mortgage leaving you 20k out of pocket,but on the other hand if it goes up to say 140k you'l owe 70k to company and get 70k yourself giving 10k priffit for your next place.

    good luck with what ever you choose
    Darren
    thanks darren ill look into it but for 70k id need a wopping £7.5k deposit which i have not got thats why im steard more in the home share direction

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