Immigrationboards.com

[meetravi]

I am a Tier 1 Visa holder with 3 years visa remaining. I am planning to apply ILR around Dec 2015 ? I am currently renting a flat which is quiet new. The builder is offering a shared ownership scheme of buying it with just 5 % deposit. Apparently the builder will own 25% of the flat and I would be owning the 75% of the flat. 5 years Interest Free for the deposit builder has put for me. Its a private builder like Barrats for your info.

Not only my current resident builder lot many other private builder as well providing similar sort of shared ownership offers for Tier 1 holders.

I had a keen read on the following document and could not find any details regarding the exact details about shared ownership.

http://www.ukba.homeoffice.gov.uk/sitecontent/documents/policyandlaw/modernised/cross-cut/public-funds/funds.pdf?view=Binary

I have also googled regarding this and got only few responses and it was not satisfactory . It had some mixed reviews on it and was not quiet clear.

Would that be considered as public funds ? And would it affect my ILR chances ? I do not want to take any attempts in price of my ILR.

Seniors please throw a lime light on this issue with your valuable experiences on it. I am pretty sure there would be many people like me sailing on the same boat.

[meetravi]

I emailed the same piece of info to home office and got the following positive reply. I am sure it will help some others sailing in the same boat with the aspirations of owning a home in UK.



Dear Sir,

As you have rightly identified in the guidance on what constitutes as public funds, buying a house on a shared ownership scheme would not be classed as a person accessing public funds. Entering into such a scheme would not affect a future ILR application.

Regards

***
UK Border Agency – Settlement Ops Policy