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Is Homebuy a public fund/benefit? Share your experience.

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linuxman2k3
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Is Homebuy a public fund/benefit? Share your experience.

Post by linuxman2k3 » Mon Sep 28, 2009 5:59 pm

Simple question, difficult answer apparently. Is Homebuy classified as public funds? What is your experience if any with this scheme to buy a house? I'm sure some of you have qualified for it so in your case have you renewed your Tier 1 FLR without any problem?
I'm a Tier 1 visa holder and I'm thinking of using Homebuy as I qualify for it but what if BIA says it is public funds? Share your experience please!!!

Many thanks

meats
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Re: Is Homebuy a public fund/benefit? Share your experience.

Post by meats » Mon Sep 28, 2009 6:24 pm

linuxman2k3 wrote:Simple question, difficult answer apparently. Is Homebuy classified as public funds? What is your experience if any with this scheme to buy a house? I'm sure some of you have qualified for it so in your case have you renewed your Tier 1 FLR without any problem?
I'm a Tier 1 visa holder and I'm thinking of using Homebuy as I qualify for it but what if BIA says it is public funds? Share your experience please!!!

Many thanks
Depends on who is running the scheme where you live. Some of them are classified as public funds as they are run by the local councils.

linuxman2k3
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Re: Is Homebuy a public fund/benefit? Share your experience.

Post by linuxman2k3 » Mon Sep 28, 2009 6:31 pm

meats wrote:
linuxman2k3 wrote:Simple question, difficult answer apparently. Is Homebuy classified as public funds? What is your experience if any with this scheme to buy a house? I'm sure some of you have qualified for it so in your case have you renewed your Tier 1 FLR without any problem?
I'm a Tier 1 visa holder and I'm thinking of using Homebuy as I qualify for it but what if BIA says it is public funds? Share your experience please!!!

Many thanks
Depends on who is running the scheme where you live. Some of them are classified as public funds as they are run by the local councils.
I'd like to buy a house in Manchester and therefore I would do it through Plumlife which describes itself as follows: "Plumlife is a not-for-profit company specialising in shared and low cost home ownership – plus affordable abodes to rent now and buy later"

Even if this is a company the money from Homebuy comes from the Gov, doesnt it? Wouldnt that be public funds? Many thanks for your help

meats
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Re: Is Homebuy a public fund/benefit? Share your experience.

Post by meats » Mon Sep 28, 2009 6:34 pm

linuxman2k3 wrote:
meats wrote:
linuxman2k3 wrote:Simple question, difficult answer apparently. Is Homebuy classified as public funds? What is your experience if any with this scheme to buy a house? I'm sure some of you have qualified for it so in your case have you renewed your Tier 1 FLR without any problem?
I'm a Tier 1 visa holder and I'm thinking of using Homebuy as I qualify for it but what if BIA says it is public funds? Share your experience please!!!

Many thanks
Depends on who is running the scheme where you live. Some of them are classified as public funds as they are run by the local councils.
I'd like to buy a house in Manchester and therefore I would do it through Plumlife which describes itself as follows: "Plumlife is a not-for-profit company specialising in shared and low cost home ownership – plus affordable abodes to rent now and buy later"

Even if this is a company the money from Homebuy comes from the Gov, doesnt it? Wouldnt that be public funds? Many thanks for your help
Yes it takes the money from the government, although it's technically a loan from the government as the money is paid back when you sell the house.

I don't know what the situation is regarding buying a house though them as my dealings with them have been with companies down in the Home Counties. Do you have to sign up with the local council/housing association in order to qualify for it?

cheshiregoan
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Post by cheshiregoan » Mon Sep 28, 2009 7:00 pm

You should try speaking directly to the scheme. From my understanding of most of these schemes you will not be accepted if you can't prove that you cannot afford to own a home otherwise.

In some instances it means that you receive income support from the local Job Centre (which you cannot receive anyway) or your income has to be below a certain level.
Please do not send me any Private Messages as I do not check these.

SKUK
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Post by SKUK » Mon Sep 28, 2009 10:41 pm

Is Homebuy classified as public funds?
No they are not. It's a scheme run by developers in partnership with Govt to help first time buyers and key workers to get on the property ladder.

Make an application and they (plumlife) will let you know if you are eligible. Usually your household income must be less than 60 K to qualify. Another criteria could be that you have a min of ILR. You can speak to them before you apply.

linuxman2k3
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Post by linuxman2k3 » Tue Sep 29, 2009 11:54 am

Just to let you know guys, I've contacted plumlife and they've told me I'm not eligible under Tier 1. To be eligible I would need ILR. Oh well, I must keep saving money then. Thanks for your help.

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