QUESTION: I am a contributor to the National Housing Trust (NHT) and have never received a benefit and am keen to own my own home but prefer to buy one on the open market even if I have to do some repairs after acquiring it. Also, since I work in the Corporate Area, my preference is for one in that area for the convenience. I prefer the Open Market Loan because only a few NHT schemes are developed in the Corporate Area, so the chance of buying a unit in any such scheme is low. How do I go about getting a loan to buy a house?

– Allison

 

FINANCIAL ADVISER: As a contributor to the NHT who has never received a benefit, you would be in line for a Non Home Owner’s Loan but would have to meet some other requirements, including being able to pay the mortgage, to be able to get the mortgage to fund the purchase.

First of all, you would need to identify the housing unit in the Corporate Area where you have indicated that you would prefer to live. Recognising that the NHT lends a qualified individual up to $6.5 million and two qualified individuals applying jointly up to $13 million, you should have an idea of where you could identify such a house. What you are able to purchase ultimately depends on how much money you have, in addition to the NHT funds, to make the purchase.

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