How does Help To Buy work?
I have a full time job working 5 days a week my income is around £1500 and when pubs reopen I will able to make another £200 a month on top of that. I live in west london and my goal is to move out of my parents and have a decent flat, nothing mind-blowing but something I can be proud of and that is affordable. I don't have a clue what to do but I'm saving for a deposit, I heard about Help To Buy and Shared Ownership...what are the differences? I heard Help To Buy you only pay for mortgage and not rent what's the deal? how does it work would it suit my situation?
- sunshine_melLv 71 month ago
Shared Ownership is a stepping scheme - you buy a portion of the property (eg 25/30%) and pay a mortgage on that; then pay rent on the remaining share. You can buy the rest as/when you can afford to do so.
Downside - this can be quite expensive (mortgage+rent), and they're difficult to sell.
- ibu guruLv 71 month ago
You don't earn enough to afford a bed-sit room in west London. And you certainly do not qualify to buy any home or condo.