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    • Gsulc
    • By Gsulc 8th Oct 17, 5:38 PM
    • 2Posts
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    Gsulc
    Move my help to buy mortgage
    • #1
    • 8th Oct 17, 5:38 PM
    Move my help to buy mortgage 8th Oct 17 at 5:38 PM
    Hi everyone,

    Me and my partner bought our house for 220k in Dec 2016. I've just changed jobs and now earn alot more money (annoying because we could have bought a bigger house with the Help to Buy scheme!)

    Our joint income is now around 56k pa. I have spoken to the sales guys at on our new estate and they said that they could give us a good deal if we were to buy one of the newer houses when the development gets to one of the few that we are interested in.

    Are we going to be able to move our HTB mortgage over to one of the new houses if we do buy it and how much of a deposit are we likely to need to put towards the new house? This is our first house so I'm not too clued up on selling houses - especially ones that have been bought with help to buy! New house is going to be around 360k
Page 1
    • amnblog
    • By amnblog 8th Oct 17, 5:57 PM
    • 9,877 Posts
    • 3,829 Thanks
    amnblog
    • #2
    • 8th Oct 17, 5:57 PM
    • #2
    • 8th Oct 17, 5:57 PM
    Not an easy question to answer based on the information supplied here.

    Is the new property also on Help to Buy?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Gsulc
    • By Gsulc 8th Oct 17, 6:10 PM
    • 2 Posts
    • 0 Thanks
    Gsulc
    • #3
    • 8th Oct 17, 6:10 PM
    • #3
    • 8th Oct 17, 6:10 PM
    Yes the new property will also be HTB. What other info do you need?
    • Kidder81
    • By Kidder81 8th Oct 17, 6:15 PM
    • 49 Posts
    • 55 Thanks
    Kidder81
    • #4
    • 8th Oct 17, 6:15 PM
    • #4
    • 8th Oct 17, 6:15 PM
    360k house on a 56k joint salary?! Even with HTB that's ambitious. Unless of course you have significantly more than. 5% deposit.
    • kingstreet
    • By kingstreet 8th Oct 17, 6:25 PM
    • 32,081 Posts
    • 17,170 Thanks
    kingstreet
    • #5
    • 8th Oct 17, 6:25 PM
    • #5
    • 8th Oct 17, 6:25 PM
    This assumes you previously bought a newbuild using the HTB Equity Loan scheme and not HTB Mortgage Guarantee.

    Your current HTB loan will be repaid from the sale of your current property.

    You should establish the post-sales HTB Agent's (Target) requirements here;-

    http://www.myfirsthome.org.uk/

    You will apply for a new one when you reserve your new home.

    Once again, you will need the greater of 5% deposit or the amount needed to pass Government and lender affordability. This will usually come from the equity in your current home.

    You should be able to port the rate from your current mortgage to a new one with your existing lender, provided they will lend the amount you require.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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