First time buyers / Help to Buy


I dont think that's the case mate, my cousin done and said if it went up he'd owe more but if it went down he'd still owe the 20% borrowed

Tell him to pray for a crash 😉.


This means if the market value of your property falls below the level at which it was first purchased, you will repay less than the original amount Homes England contributed to the original purchase
 
Karbon homes do Rent to Buy.
You rent the gaff for 5 years, then the amount of rent you paid comes off the original house price and you mortgage the difference.
Mate has it, it was the only way of them getting somewhere.


I take it this bit means purchased by you (i.e someone can't buy it from under you during those 5 years?)

Part-funded by Homes England, the ultimate aim of the scheme is to allow you to take advantage of the reduced market rent in the 5-year term, allowing you to save for a deposit. After 5 years, if the property is not purchased, the rent will increase to be in line with full Market Rent
 
Karbon homes do Rent to Buy.
You rent the gaff for 5 years, then the amount of rent you paid comes off the original house price and you mortgage the difference.
Mate has it, it was the only way of them getting somewhere.

My son looking at that option. The reviews of Karbon as a landlord are absolutely shocking like. I want him to properly read the paperwork before commiting to anything. You can't visit a showhome until credit checks passed . The company seems to be a combination of loads of Housing Associations
 
My son looking at that option. The reviews of Karbon as a landlord are absolutely shocking like. I want him to properly read the paperwork before commiting to anything. You can't visit a showhome until credit checks passed . The company seems to be a combination of loads of Housing Associations

This is my worry with the whole thing. Young people getting themselves signed up to things that only one side of the deal actually understands
 
This is my worry with the whole thing. Young people getting themselves signed up to things that only one side of the deal actually understands
Yep, I would rather he rented for a bit to try and save up before commiting to something like that. I am hard nosed with money and assume the worst as in if something appears to good to be true it is. I want him to consider the details of how to get out of the contract if he lost his job or something in that five year period.
 
Yep, I would rather he rented for a bit to try and save up before commiting to something like that. I am hard nosed with money and assume the worst as in if something appears to good to be true it is. I want him to consider the details of how to get out of the contract if he lost his job or something in that five year period.

I'd find it absolutely impossible as a young person to both rent and save up at the same time, unless you were earning over £35k per year.

I'm torn, as I don't agree that young adults should have no life, no luxuries, no nights out or fun in the pursuit of saving a deposit. It's a tricky one
 
anyone got any recent experience of young adults buying their first property?

trying to scrape through with a relatively cheap first house and a minimum deposit.

i was just reading about the help to buy scheme where they can lend an extra 20% of the house price for 5 years interest free, but it says it ends at the end of March.

anyone got any advice?
Have a look at Lifetime ISAs if you haven’t already.


Depending on money available right now, a couple could make £4k between them over the next few months with the tax year end approaching
Have a look at Lifetime ISAs if you haven’t already.


Depending on money available right now, a couple could make £4k between them over the next few months with the tax year end approaching
Just thought, a caveat of this is the account must be open a year before using the bonus for the purpose. Best thing any 18 year old can do is get one open with a quid at 18.
 
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Have a look at Lifetime ISAs if you haven’t already.


Depending on money available right now, a couple could make £4k between them over the next few months with the tax year end approaching

Just thought, a caveat of this is the account must be open a year before using the bonus for the purpose. Best thing any 18 year old can do is get one open with a quid at 18.

Ah right, might do it anyway. I think they are looking to buy somewhere this year . But they are right at the beginning of the process
 
LISAs are def the answer but only if in no rush for house but only if in no rush to buy as can only put in 4k pa
 
I'd find it absolutely impossible as a young person to both rent and save up at the same time, unless you were earning over £35k per year.

I'm torn, as I don't agree that young adults should have no life, no luxuries, no nights out or fun in the pursuit of saving a deposit. It's a tricky one
I agree, there will be him and his partner so between them they plan to save as much as they can but they also want to get their own place. It is tricky
 
I agree, there will be him and his partner so between them they plan to save as much as they can but they also want to get their own place. It is tricky

I have a personal dislike of the house letting game (obviously it has its uses) but I'd be worried about young people getting into renting and never being able to get out of it. Young people finding thier way in the world, and paying some rich twats 14th house off for him . Anyway, I digress...

My advice to them is to stay at home till they are ready to buy, but they are itching for thier independence
 
Does it have to be in the name of the person that wants to buy the house ?

It's not for me see. And I already have an investment ISA thingy
Aye. The solicitor will have to verify with the bank that the funds are being withdrawn for the account holder’s first house purchase. Otherwise you’ll loose the bonus.

You can technically have one for yourself too. Two withdrawal methods are first house purchase or post 60 (without loosing the bonus). It’s a different type of isa to your s&s, but combined they all count towards your £20k allowance.

Only really beneficial for the 60yr old thing if you’ve already used up your pension allowances like, which is a hefty sum using carry forwards allowances & stuff.
 
Aye. The solicitor will have to verify with the bank that the funds are being withdrawn for the account holder’s first house purchase. Otherwise you’ll loose the bonus.

You can technically have one for yourself too. Two withdrawal methods are first house purchase or post 60 (without loosing the bonus). It’s a different type of isa to your s&s, but combined they all count towards your £20k allowance.

Only really beneficial for the 60yr old thing if you’ve already used up your pension allowances like, which is a hefty sum using carry forwards allowances & stuff.

Are they easy to set up like ? I'll do it online if I can under the bairns name
 

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