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Homebuy Direct and Teachers Building Society

Discussion in 'Personal' started by SleighBelle, Apr 15, 2011.

  1. SleighBelle

    SleighBelle Occasional commenter

    Under the Homebuy Direct scheme, first time buyers earning under £60,000 can receive a 30% loan on the price of a new-build flat or house. The TBS is offering 70% mortgages, meaning, in theory, I may be able to buy a house without needing a deposit.
    I'm doing my research at the moment but just wondered if anyone here had experience of either the Homebuy scheme or TBS. Any advice?
    http://www.teachersbs.co.uk/mortgages/homebuy.aspx
     
  2. SleighBelle

    SleighBelle Occasional commenter

    Under the Homebuy Direct scheme, first time buyers earning under £60,000 can receive a 30% loan on the price of a new-build flat or house. The TBS is offering 70% mortgages, meaning, in theory, I may be able to buy a house without needing a deposit.
    I'm doing my research at the moment but just wondered if anyone here had experience of either the Homebuy scheme or TBS. Any advice?
    http://www.teachersbs.co.uk/mortgages/homebuy.aspx
     
  3. You can only use certain banks for homebuy direct and you will still need a deposit. The ltv will be on your share so a70% mortgage would need a 30% deposit on the bit you are buying. When we did ours tbs did not do mortgages for these schemes
     
  4. SleighBelle

    SleighBelle Occasional commenter

    Am I right in thinking that you bought your place fairly recently, PFF? The TBS website seems to suggest that no deposit would be needed- is that all a load of tripe in reality?
     
  5. We bought ours 18 months ago. We were constantly led to beliee that we only needed 5% but in reality we needed 25%. Don't rush into the idea of it, there can be long term financial implications and you definitely shouldn't buy using the scheme unless you plan to be in the house for many years
     
  6. SleighBelle

    SleighBelle Occasional commenter

    Ouch! Where on earth do people find 25% deposit from? I haven't got £20,000-£30,000 just lying around.
    Thanks for the advice, PFF :)
     

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