shared ownership/homebuy

[lost1701]

Hi, ive been looking through a lot of info but its just confusing me to be honest

can someone give me a dummies guide to these schemes! lol

 

say for instance there is a three bed property

 

the price range is 80'000

and you need a minimum of 45% share in it

 

so from that information how do you go about it.

 

My general figuring is, you get a deposit of the 45%?

then you pay the monthly rent?

 

in relation this also, whats the deal with the credit score process. Surely not everyone on these schemes are required to have a perfect credit score? but at least not in the red?

 

yeah anyway just would be good to have some guidance,im normally okay when i read information but with so many different schemes and prices and numbers,its just baffling,wish i knew why!

[caro]

I think it will very much depend on the individual HA, area, criteria etc how this will work. As a starting point I suggest that you contact the Help to Buy agent for your area linked below. I guess that your credit rating would be an issue as you'd need a mortgage so it would inevitably need to be checked. http://www.helptobuy.org.uk/equity-loan/find-helptobuy-agent

[Nemi47]

Hi there,Shared Ownership is geared towards proper homeownership, and therefore all the normal checks required for a full 100% mortgage will apply for whatever % you want to buy. Some HAs may offer lower % of the mortgage if they feel you won’t be able to keep up with the repayments. You will need a deposit for the % you wish to buy, plus all the other expenses attached to buying, solicitors fees (possibly stamp duty as well) moving etc. The HA should have all that information on the property specs on their website. Once you register your interest in that property you will be asked to prove your earnings, and that you have the finances in place. If you meet all of that you can then contact the seller/arrange for a viewing.I’m currently in this shared ownership scheme and am looking to sell, so if I can help further let me know.