new government mortgage scheme for first time buyers

happyfella

Hi, even though i own my own house with my wife and my wife works part time, we have been told that we would not be able to get a new mortgage due to my wife working part time and because she is over 60 and because i am on PIP.

My doctor has said that i need either a toilet downstairs or to move into a bungalow, but that is easier said than done. My daughter who still lives with us and works has said that she would like to get a mortgage as a first time buyer so she can buy a bungalow or a new build where we could have a toilet downstairs and live together. she is really great like that.

We have spoken to a mortgage broker but the amount she would receive for a mortgage is not enough for where we live and what we need, and also he said that she would need to find £15,000 deposit for a mortgage of around £100,000

I have read about the new first time buyer government scheme on new builds where people can get a discount so they can get on the property ladder but there is not much information available.I have contacted seven mortgage brokers who have all said that at the moment they are not sure what is going on with it and how it works, even though it is currently available.

A scheme like this would help us out. We do not have a lot of equaty in our property but what we do plan to do once my daughter buys a property is to then sell our property and the majority of the money from the sale would then go to pay off a very large chunck of my daughters mortgage, or to give it to my daughter to invest where it would pay off the mortgage each year.

Does anyone know anything about the discount sheme for new builds and has admin on scope looked into this.

Tori_Scope

Hi @happyfella I'm afraid I don't know a simple answer to your question. Have you used the ownyourownhome.gov.uk tool to see whether any of the government schemes are right for your daughter? Money Helper also have some information on different schemes available, which might be of help?

Have you considered trying to get an adaptation to your current home, rather than moving in with your daughter? Scope have some information on disability grants for home adaptation, which could be worth a read. 

happyfella

woodbine said:

The link below explains the current help avaliable

https://www.ownyourhome.gov.uk

thank you