Does anyone know anything about the Governments help to buy scheme?

[MrsT&Ben]

I've been reading a little bit about the new help to buy scheme that is coming out next year but I don't understand how it would work. Would it really help someone like me who is stuck with a northern rock mortgage? Any advice welcome

 

[hayz_baby]

Usually Htb schemes are for first time buyers to help them get on the property ladder but haven't looked into the one u have mentioned. Are u not able to remo? X

 

[MrsT&Ben]

Usually Htb schemes are for first time buyers to help them get on the property ladder but haven't looked into the one u have mentioned. Are u not able to remo? X

No we are in negative equity and just biding our time until the house price have gone up enough so we are able to sell.

 

[lindseymw]

https://www.gov.uk/government/polic...e/supporting-pages/help-for-first-time-buyers

Heres some info from Government Website.

 

[hayz_baby]

I don't personally think there is much u can do till the house prices go up as usually the Htb schemes are to help people initially get on the ladder. There are exchanges that can b done with new builds so it may b worth looking at that but I can't really guarantee they can help. Sorry
Have u thought about maybe getting a loan out to improve ur home instead? X

 

[Mummy Bean]

the new goverment help to buy scheme is for any one (you dont have to be a first time buyer) but it is limited to new build (i think have to be less then 3yrs old) and limited to houses under £400k.

basically the goverment will be a guarantor on the top 20% of the property, and you can then get a mortgage for the remaining 75%...needing a 5% depoist.

so for £100k house you need a mortgage for 75k, 5k depoist and they will guranted the top £20k. not sure hoe it works once ur in, like if ur given the opportunity to purchace the 20% as time goes on.

if u own a house that in neg equity you would have to sell and pay the excess out of ur own pocket. or you could use the new scheme to buy a house and remortgage ur current house as a buy to let and rent it out.