First Time Buyer Deposit Help?!

Discussion in 'Finance & Pensions' started by theafghan, Jul 20, 2009.

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  1. Its took me and the missus about 2 years to save 8 grand and i intend on using LSAP towards my deposit for the house we want, so we've got 16 grand-ish of which to use as a deposit for a house. Now with the climate as it is, getting a mortgage with less than 20% deposit is V V hard and unfortunately missus Afghan has expensive tastes! Now apart from all the obvious ones like robbing a bank, saving more, buying cheaper etc. does anyone know of any aid/schemes/help that members of the Armed Forces can take advantage of to bolster our deposit.
    By the way we can afford the predicted mortgage payments easily,its just getting a big enough deposit to get the best deals.
    Any sensible suggestions will be greatly appreciated.
  2. Hope this is of help :wink:

    There are five HomeBuy products to choose from:

    New Build HomeBuy – you share ownership of your home with a housing association, paying a mortgage on the part you own plus affordable rent on the portion you don’t own
    Open Market HomeBuy – you take out a conventional mortgage to fund part of your property purchase and a low-interest equity loan to cover the rest
    Social HomeBuy – housing association and local authority tenants buy their home on a shared ownership basis or outright, with a discount on the share being purchased
    HomeBuy Direct – you buy a selected New Build HomeBuy property with the assistance of an equity loan
    Rent to HomeBuy – you pay reduced rent on a new build home for up to five years, to help you save for a deposit and purchase the property.

    How to participate in HomeBuy
    If you are unable to purchase a property on the open market without assistance, you may be eligible for one of the HomeBuy products. Please contact your local HomeBuy agent to find out whether you are eligible and if so, which product is most suitable for you.

    Other schemes
    Housing association and local authority tenants also have access to the following schemes for buying the home they live in:

    Right to Acquire - for housing association tenants
    Right to Buy or Preserved Right to Buy – for local authority tenants or tenants who have been transferred from a local authority to a housing association.
    If you are a social rented tenant, you should contact your landlord to see if you may be eligible for one of these schemes. Failing all that!!! immediate promotion to CPO ACM Diver :wink: Loads of money:lol: :lol:

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