Tier1 First time buyer equity loan

[hrayrd]

Hello,
I hold Tier 1 visa, which is valid till 2015(extended in 2012).

I am interested to know if i am eligible to First Time Buyer's Equity Loan Governmental scheme - https://www.gov.uk/affordable-home-owne ... s/overview

Is this is something i can apply even till my ILR or this is supposed as access to public funds.

Many Thanks,

Hrayr

[varghesejim]

Hello,
I hold Tier 1 visa, which is valid till 2015(extended in 2012).

I am interested to know if i am eligible to First Time Buyer's Equity Loan Governmental scheme - https://www.gov.uk/affordable-home-owne ... s/overview

Is this is something i can apply even till my ILR or this is supposed as access to public funds.

Many Thanks,

Hrayr

Without ILR you wont be eligible for equity loan anyway. At lease "first steps" web site(London region) specified this in their website.

On another note, it is not really a smart move to buy a house when you are on a visa. You might get a mortgage, but with a high interest rate which most probably pull more money as interest from you than rent, for the next five years.

[ban.s]

Without ILR you wont be eligible for equity loan anyway. At lease "first steps" web site(London region) specified this in their website.

On another note, it is not really a smart move to buy a house when you are on a visa. You might get a mortgage, but with a high interest rate which most probably pull more money as interest from you than rent, for the next five years.

not quite correct. small lenders / building societies may not always offer mortages to people that are on limited leave to remain but 99.99% of the high street lenders will offer mortage irrespective of your settlement status - as long as you pass the credit check and are able to pay required deposits.
also rate of interest has nothing to do with visa, it all depends on the type of mortgage product and % of deposit paid.

[montysingh]

Hello there my friend

You dont need to go for equity loans as in my sense they are not a good option instead there are building societies which will give you mortgage for LTV 90% even with bad credit, as i am also on Tier 1 and got a mortgage as well. so just search around

[varghesejim]

not quite correct. small lenders / building societies may not always offer mortages to people that are on limited leave to remain but 99.99% of the high street lenders will offer mortage irrespective of your settlement status - as long as you pass the credit check and are able to pay required deposits.
also rate of interest has nothing to do with visa, it all depends on the type of mortgage product and % of deposit paid.

Any instances where a visa holder got a mortgage at a rate below 4.5 or even 4 percent? We are talking about paying 20 percent or less deposit which an average visa holder could afford.

Also check the thread where you will find limitations of visa holders
http://forums.moneysavingexpert.com/sho ... ?t=3256666

[varghesejim]

Hello there my friend

You dont need to go for equity loans as in my sense they are not a good option instead there are building societies which will give you mortgage for LTV 90% even with bad credit, as i am also on Tier 1 and got a mortgage as well. so just search around

Completely agree. Equity loan is actually a trap for desperate people where they will buy houses at exorbitant prices.

Could you tell us what is your interest rate for the 90 percent loan?

[basicblue2k]

The question still remains unanswered, is using the firsteps considered like using Public funds?

[tungha2106]

The question still remains unanswered, is using the firsteps considered like using Public funds?

Nope. it is not considered public funds.