Help to Buy

Discussion in 'Finance & Pensions' started by PO Potty Mouth, Mar 11, 2016.

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  1. Any ideas if this scheme will carry on after its 3 years pilot phase?
    also, can you use it if you have a couple of years left but have been selected for a period of EC?

  2. Have found the acceptance criteria. Which I do fall into
    Just no indication if it will be in place after april 2017
  3. As this is only a Pilot scheme, there is every chance it will be extended in the same/similar fashion.
    Know many people who have signed up for it and seems a decent retention tool.

    What I would like to know, If some took FHTB, would they be able to repay the full amount early.
    lets say, that person just moved into their new home and came into money from their family

    Could that be used to settle the FHTB amount in full...even after just a few months?
  4. As far as I am aware FJ you can repay the full amount early.
  5. Ta

  6. following on this one. Had a divisional type question that seems rather fuzzy when trying to find the answer..

    Can someone use FHTB if they are married. The wife owns the current house in her name (owned it before they met). Now, as a couple they would like to move (downsize to be fair) and buy a place together. To do this, they will sell the house they currently live in (where said rating is not on the deeds) and get a new pad where said rating would like to use FHTB along with a chunk of the equity from the sale of his 'wifes' house

    is the doo'able?
    check JSP 464 and it is not clear and can't get a straight answer. Obviously, he can put an application for FHTB in but that could add pointless weeks to the process should it be rejected

    any pointers would be appreciated
  7. Pretty sure but not 100% but as they are married and own a house regardless of who's name it is in they will not be able to use FHTB. It is for those who do not own a house to start with.

    I am sure the FHTB is to help those get on the ladder not those already on it which is what they would be regardless of who's name on the deed it is.

    Sent from my iPhone using Tapatalk
  8. exJenny

    exJenny War Hero Moderator Book Reviewer

    As I can't sleep, I thought JSP 464 might help me drop off. The way I've read it, if his name is not on the deeds then he is eligible. But as with all these things, JSPs are open to interpretation, and if it means someone is likely to dip in then it is likely the powers that be will read it differently and he'll get nothing.

    Just in case anyone else can't sleep, here's the relevant doc...
  9. I took the FHTB out 18 months ago, I've got 8 months left in the RN. They simply take the remaining balance out of my gratuity.
    From what I understand, it wasn't an initial 3 years pilot, more that they had x amount of £'s in a pot and once that was gone then the FHTB would be reviewed.
    For what it's worth, the whole application process for start to finish was super easy, the JPAC centre were very helpful too.
  10. but if you read the JSP (as we did earlier) my lad could use FHTB to come in on his wife existing house. You can use it if you have already owned a property (and since sold it)

    as you say, JSPs can be interpreted in many ways
  11. There is a FHTB section where you send your form off to at the JPAC place in Glasgow if I remember correctly they might be able to give you the definitive answer

    Sent from my iPhone using Tapatalk
  12. cheers. Will also pass on the contact details in JSP 464.
    When you read it, nothing should stop him from using FHTB.
    the part where is says where a property is already owned by an applicant, that must be sold before (or on the day of) purchasing the new property with FHTB

    cheers for the info
  13. Hardly a new system, it nsounds sililar to LSAOP for house purchase. I took it in 1973. House cost £7000 pusser lent me £1126 to cover deposit and solicitors fees.Did me very well
  14. The property being purchased with the FHTB can't be within 50 miles of the property being sold.
  15. phoned JPAC today and spoke to someone in the know their end.
    My lad is entitled to use FHTB.

    basically, as he is not on the deeds, regardless of his marital status, he is fine to go in on a new mortgage with his wife AS LONG AS the house SHE is selling is sold no later than the day they purchase their new home.

    cheers for all your tips above.
    one to keep in the back pocket
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