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deposit for house - HBD
cocomonkey_2
Posts: 31 Forumite
hi there,
we are at the beginning of the homebuy direct process and I am already getting cold feet. After the initial elation at the prospect of being able to buy our own home I am getting nervous now.
We were approved for eligibility and refered to a mortgage adviser. I spoke with him and instantly he started back tracking on the percentage contribution we could expect to get to the house from homebuy/ the government because of our earnings being at the higher end of the scale towards £60k a year. We have enough to cover a 5pc deposit but I have read a few things on forums which have got me anxious about how if the mortgage lender thinks you can afford more they will ask for a bigger deposit from you. I am worried about this now as if they ask for 10 % - this to me totally defeats the object of doing homebuy as the only reason we are doing it is because we haven't got a hefty deposit.
Any experience/ insight much appreciated
Coco
we are at the beginning of the homebuy direct process and I am already getting cold feet. After the initial elation at the prospect of being able to buy our own home I am getting nervous now.
We were approved for eligibility and refered to a mortgage adviser. I spoke with him and instantly he started back tracking on the percentage contribution we could expect to get to the house from homebuy/ the government because of our earnings being at the higher end of the scale towards £60k a year. We have enough to cover a 5pc deposit but I have read a few things on forums which have got me anxious about how if the mortgage lender thinks you can afford more they will ask for a bigger deposit from you. I am worried about this now as if they ask for 10 % - this to me totally defeats the object of doing homebuy as the only reason we are doing it is because we haven't got a hefty deposit.
Any experience/ insight much appreciated
Coco
0
Comments
-
You earn 60k a year and need a govt scheme help to buy a house?
If you earn 60k then save like mad and put 30k aside by this time next year.0 -
No we don't earn 60k - but we are at the higher end of the cut off threshold - of £60k. We are also getting married next year and we just couldn't feasibly save £30k.0
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So how much do you earn and how much are you *spending* on a wedding rather than a house.
If you want a house save up and buy one. If you want a lavish wedding then you might have to have the cake and not eat it ... so to speak with the house.
If you're near the upper limit then how much do you earn?
You'd be amazed how little you could live on if you tried.0
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