What help do I get from the open market homebuy scheme?

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What Help Do I Get From The Open Market HomeBuy Scheme?

The Open Market HomeBuy scheme is available for first time buyers who have problems in buying houses due to the high market price t, and it is available to any first time buyer who fall under the criteria of the social landlord.

Under this scheme if you are a first time buyer you are allowed to buy 75% of a property, and for this you may need to get a Mortgage for 75% of the homes value, the benefit however is that you will not need to pay a deposit for this Mortgage. 25% of the homes value is owned by the government or housing association. However you have the ability to increase the amount you own at different stages when ever you want basically, but usually these chunks of the share of the property are sold in blocks of 10% or 25%.. The 25% loan amount which you will get from the government and the housing association is made up of what is known as equity loans; both parties will give you an equity loan worth 12.5% each. There is one more option on the open market home buy scheme available for first time buyers. Under option two of the open market HomeBuy scheme, you need to be able to fund at least 82.5% of a properties value, and you will be given an equity loan which is worth 17.5%, which will be provided by the government.There will be no interest charged on the equity loan, and when you sell the house you will need to pay back 17.5% of the value of the home to the government. You will not be paying any rent on this proportion of the home, however you will need to finance the 82.5% worth of the home.

Home Buy Scheme Mortgages Frequently Asked Questions

What are the typesof HBS schemes?	I am a key worker, what is available ?
If I sell will I have to pay back the incentive?	Why get a Open Market HBS?
How do I find a mortgage for a HBS?	Why get a New Build HBS?
What properties can I buy ?	Will I have any upfront costs ?
Who owns the home, under the HBS?	Is there any priority list for the HBS?

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