buying a house

[the original ducky]

hello everyone i was just wondering i am planning on buying a house however i was told that the goverment will pay a percent of ypur morgage or something like that is this true. if so does anyone know who you need to speak to about this. thanks hannahxx

[andrew68]

Try Cormac Miller in Argyle Square/Lower Dunbar Street. He will probably be able to help

[obiron]

would recommend cormac too.

[Bill Fernie]

Depending on your income you could try looking at a Rural Home Ownership Grant if they are still available - See
http://www.communitiesscotland.gov.u.../cs_016499.pdf

Contact Pentland Housing in Thurso if you live in Caithness for more information.

37/39 Traill Street, Thurso, Caithness KW14 8EG
Email pha@pentlandhousing.co.uk
Tel: 01847 892507

They might also be able to suggest other schemes that might help depending on your own personal circumstances.

Shared ownership is also another possibility for some people - See
http://scotland.shelter.org.uk/advice/advice-4419.cfm

Again Housing Associations like Pentland Housing or Albyn can supply details if they have properties available. There are pluses and minuses to these schemes and it all depends on your circumstances if they are suitbale and if there are properties available that can be purchased using the scheme.

I am unaware of a scheme whereby the government will pay a percentage of your mortgage. In the past tax relief was available on interest payments but this was scrapped a few years ago.

Some points to remember when thinking about taking out a mortgage might be -
Remeber that interest rates can change and that recently they have risen making the mortgage payments go up. Any new increases in rates will hit your payments and if you take out largemortgage you may not be able to afford the repayments. Therefor you need to consider very carefully how much you can afford to borrow. Think about the increased payments that might be involved if the rate goes up by one percent, two percent etc.

If you cannot meet the payments the house will be repossessed and you will still owe any arrears on the mortgage if the house is sold and does not clear the mortgage.

The more you can pay as deposit the less you may have to borrow on a particular property.

If you borrow more than three times your salary and you do not have aany pay rises coming in future years you are likely to be squeezed financially if interest rates go up.

Don't take out an Endowment linked mortgage - although you are not likely to be offered one now. Just be aware that they were very bad for many people. Plenty on the web about this.

Remebr there are other costs in addition to the mortgage such as mortgage protection. Shop around for the best quotes. Get a few quotes as they are not always the same price and some folk just take the first one they are offered in ignorance.

Here is a link to a government leaflet with some advice -
http://www.scotland.gov.uk/Resource/...20/0043125.pdf

Good Luck with it.

[j4bberw0ck]

I am unaware of a scheme whereby the government will pay a percentage of your mortgage

You may be thinking of the Homestake (shared equity) scheme, or as Bill said, the Rural Home Ownership Grant. There is no scheme where the Government pays part of your mortgage.

Go see a Registered Mortgage Adviser (RMA). Look at this page and type in your postcode then click "submit". It should bring back a list of advisers registered with the Financial Services Authority in your area. Don't try to do this without taking advice from an RMA - you could lose a lot more than just your shirt, if you go in blind.

[123]

I went to Cormack Miller in Wick and he couldnt have been more helpful, will sort you out with a mortgage and aranges the home ownership grant for you. Its depends on how much you earn as to how much you get

[Marty McFly]

Most registered mortgage advisers wont touch the Rural Home Ownership Grant because of the extra paperwork and time involved........as many have already mentioned, Cormac Miller will gladly arrange the lot.