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New buy scheme?
mango888
Posts: 15 Forumite
Hi guys,
My partner and I have just put an offer down on our first house together (which has been accepted!). So this is the situation...
He's already a homeowner (owned outright)
I'm a first time buyer
He's self employed
I am fully employed
Okay, so since we had the offer accepted, the government announced the new home scheme and I'm wondering whether it would work out cheaper and easier to just go for the scheme alone? So in that way, my partner has no financial reliance...we're not really sure to be honest which is the best option. It's difficult to get a mortgage as he's only got 2 years worth of accounts since he became self employed and with my salary alone I can probably afford a higher value home on my own with the new scheme...
Please help!
Thanks,
Mango888
My partner and I have just put an offer down on our first house together (which has been accepted!). So this is the situation...
He's already a homeowner (owned outright)
I'm a first time buyer
He's self employed
I am fully employed
Okay, so since we had the offer accepted, the government announced the new home scheme and I'm wondering whether it would work out cheaper and easier to just go for the scheme alone? So in that way, my partner has no financial reliance...we're not really sure to be honest which is the best option. It's difficult to get a mortgage as he's only got 2 years worth of accounts since he became self employed and with my salary alone I can probably afford a higher value home on my own with the new scheme...
Please help!
Thanks,
Mango888
0
Comments
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I forgot to mention as well, as we're both applying for the mortgage for the house we plan to buy together, my partner is planning on using some of the equity from his house to fund the deposit.0
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Are you talking about Newbuy the 95% scheme, or Help To Buy, the shared equity replacement for FirstBuy?
Either way, I suggest you speak to the developer first.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.0
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