goverment equity loan of 17.5%..has anyone got this ..sounds great?

Question

it sounds the answer to me buying a place...the govement new extended home buy its called. they give u 17.5% as a deposit on a place, you get a mortage for the remaining 82.5%. all you need is a min of 4k in money for fees and moving costs etc...has anyone got this? are there any probs or limitations as to getting it?

Answer 1

First time buyers extension of Key Workers scheme ..


"But it is a loan, not a gift. When you come to sell your home, you will have to pay it back. The amount you pay back stays at 17.5%, so you will have to hand over 17.5% of the market value of your property at the time of the sale. In other words, buyers are signing away a share of any future "profit"."