confusion lol

[lost1701]

Hi, just wandered if someone can clear it up for me,theres so many schemes,ive tried reading everything but its baffling to be fair,

 

to set the story up,we have been on council/housing association for a number of years now,since a couple of months ago we now have a decent wage,all in about 30'000 a year,we would like to get our own house,now or in the future, my credit score sadly is pretty bad,through poor judgment in the past! my wifes is okay,

 

the goverment introduced the homebuy scheme which you put up a 5% deposit etc,

we have looked into moving, i guess what im asking is how does this work exactly, with the credit scoring,the lenders etc, is still the normal process or do they take other factors into consideration to help get the house,

 

my post is pretty confusing i guess but the more i read the more i get confused myself!

[honeybee13]

Hello there.

 

The Money Advice Service seem to have a useful guide with links to other information. One or two of the schemes have an adviser you can contact, which might be useful if you're confused.

 

You seem to need a 5% deposit, can you manage that at this stage?

 

https://www.moneyadviceservice.org.uk/en/articles/help-to-buy-homebuy-and-other-housing-schemes#homebuy

 

My best, HB

[lost1701]

Hi Honeybee,yes we will be able to raise the 5% its just having someone agree to take us on i guess

[Feebee_71]

You have to have the 5% and enough money to cover legal fees and moving costs and, most importantly for yourselves, be able to raise a mortgage for the remaining 75% of the property price after the government back you with 20% of the price. If you have a poor credit rating would you be able to raise a mortgage amounting to 75% of the property value with most standard lenders?

 

Feebee_71