Posted on 9 December 2013 by Sam
I am not a first time buyer but I am no longer able to buy a flat with the value of properties so high. Am I applicable for share ownership? Can I apply for new builds or am I only allowed to take over someone else's share ownership flat? What about the help to buy scheme. Can I apply for that? Can I purchase any type of property?
Without knowing the figures involved, I can't really say what you may or may not be eligible for, it really does depend on your circumstances. You don't have to take over a current shared ownership property, and new builds can be acceptable.
Help to Buy is broken down into two separate parts. The first is for newly built property only and is where you receive an equity loan from the government for upto 20% of the purchase price, you have 5% and the 75% balance comes from the mortgage. The second part is aiamed more at the second hand market and is where you borrow the full 95% of the purchase price, with the governemnt agreeing to cover the lenders loss if the property should be taken into possession.
The best thing to do is to speak to one of our mortgage experts to discuss your situation in more detail. If you'd like to do so, then please let me know and I'll arrange for one of them to contact you.
More than mortgages, talk to me about:
Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance
General Insurance | Valuations | Conveyancing | Wills | Home finders
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.