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  • FIRST POST
    • Lavender94
    • By Lavender94 10th Oct 17, 2:45 PM
    • 1Posts
    • 0Thanks
    Lavender94
    Deposits on newbuilds
    • #1
    • 10th Oct 17, 2:45 PM
    Deposits on newbuilds 10th Oct 17 at 2:45 PM
    Hi I'm new to this site....
    I want to sell my home( a 3yr old new build with existing help to buy). I am in need of an extra bedroom so would be looking at buying another new build with help to buy. I have 80 -100k equity left after clearing the help to buy so should have a good deposit. My questions are;
    1) can I take out a second help to buy ( the first one will be cleared on the sale of the house)?
    2) What happens re the upfront deposit that builders like to have on exchange if deposit is in the equity from my house?
    Thanks for advice, I've been told to sell and rent but my mortgage advisor thinks that we can move without this as deposit comes up the chain?
    Bit confused
Page 1
    • Lucky Duck
    • By Lucky Duck 10th Oct 17, 2:58 PM
    • 125 Posts
    • 72 Thanks
    Lucky Duck
    • #2
    • 10th Oct 17, 2:58 PM
    • #2
    • 10th Oct 17, 2:58 PM
    I thought help to buy was for First Time buyers, so presumably not?

    I paid the reservation fee with credit card and that went towards the deposit on exchange.
    • alex_163163
    • By alex_163163 10th Oct 17, 4:18 PM
    • 210 Posts
    • 136 Thanks
    alex_163163
    • #3
    • 10th Oct 17, 4:18 PM
    • #3
    • 10th Oct 17, 4:18 PM
    The help to buy equity loan can be used h anyone who does not own another property at the same time. So if you pay back the help to buy on your first home, you can then take out another on the new house.
    You won't be eligible for some other help to buy initiatives - isa etc.
    • kingstreet
    • By kingstreet 10th Oct 17, 5:18 PM
    • 32,360 Posts
    • 17,371 Thanks
    kingstreet
    • #4
    • 10th Oct 17, 5:18 PM
    • #4
    • 10th Oct 17, 5:18 PM
    1. Yes.

    2. Your buyer's deposit will pass up the chain.
    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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