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Help to Buy Scheme
Noddy32
Posts: 36 Forumite
Bit of advice needed re purchase of new build home.
I've worked hard over recent years to clean up my credit file and save up a deposit (currently renting).
I've been looking at a new build development and wondered if anyone has had any experience of the newly introduced Help to Buy Scheme after being told this morning by a Bellway rep that I would have to be assessed to qualify for the scheme.
House pruchase would be in the region of £230k, I have a £20k deposit and hoping that the rest would be contributed under the scheme. Halifax have advised that they would lend up to £241k(!) on my sole income which is £45,820 per annum plus approx 10% of salary each year.
Does this seem do-able under the scheme. Credit file wise i have late payments showing from 2008 and 2009 - fully settled. No debts.
Any advice/experience?
Many thank
I've worked hard over recent years to clean up my credit file and save up a deposit (currently renting).
I've been looking at a new build development and wondered if anyone has had any experience of the newly introduced Help to Buy Scheme after being told this morning by a Bellway rep that I would have to be assessed to qualify for the scheme.
House pruchase would be in the region of £230k, I have a £20k deposit and hoping that the rest would be contributed under the scheme. Halifax have advised that they would lend up to £241k(!) on my sole income which is £45,820 per annum plus approx 10% of salary each year.
Does this seem do-able under the scheme. Credit file wise i have late payments showing from 2008 and 2009 - fully settled. No debts.
Any advice/experience?
Many thank
0
Comments
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Although there is some qualification criteria, if you can get a mortgage, the only decision for the HCA Homebuy Agent is do you get 20%, 10% or can you afford to buy outright.
This is based on your income and credit commitments and the information is set out on the PIF. I suggest you discuss it with the builder, or their mortgage broker if you have doubts.
This is the PIF from our local HCA HomeBy Agent's site;-
http://www.orbithomebuyagents.co.uk/mediaFiles/downloads/49696872/Orbit%20Property%20information%20form%20-%20Help%20to%20Buy%20-%2008.04.13.pdfI 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 -
Thanks KS - going to visit the site tomorrow and discuss further.0
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