We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
This new 5% deposit thing with the Gov't? Anyone know anything yet?
*Kat*
Posts: 1,829 Forumite
SO and I have been saving for our deposit for a year now...we only have £7.5k between us...
Obviously, this won't get us anywhere in the house market. So...I just read something about a 5% deposit starting in January.
Can someone give me some info on this and if you think it's a good idea?
SO and I can get a mortgage for around ~£110-£125k
I don't even know if we can afford to buy anywhere near where we want but I want to make sure I know all the options that are open to us ATM.
Obviously, this won't get us anywhere in the house market. So...I just read something about a 5% deposit starting in January.
Can someone give me some info on this and if you think it's a good idea?
SO and I can get a mortgage for around ~£110-£125k
I don't even know if we can afford to buy anywhere near where we want but I want to make sure I know all the options that are open to us ATM.
0
Comments
-
Help To Buy - Mortgage Guarantee, starts in January 2014. This will provide more 95% mortgages to buyers of second-hand homes.
That's about as much as we know, so far...!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 -
I've heard about the 5% deposit from Jan for non-new builds - don't know much about it as I couldn't wait that long! But there is a current scheme called 'local lend a hand' - it gives you access to a 95% mortgage which is backed by the governement. Not all councils are doing it and it depends on which council as to how much you are able to borrow, but might be worth investigating it if its an option for you.0
-
Local lend a hand is a scheme offered by Lloyds in conjunction with some local authorities.
http://www.guardian.co.uk/society/2013/apr/16/local-councils-mortgages-revive-housingI 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 -
SO and I can get a mortgage for around ~£110-£125k ?
This depends on your income and if you have a partner ? their income ?
Keep saving and build up the biggest deposit possible, clear any credit card debts you have, try and repay any loans you may have ? Do not take on any more credit ( even 0% finance )
make sure you pay every bill on time and do not use your overdraft.
Get a copy of your credit report from the 3 credit agencies EQUIFAX, EXPERIAN and CALLCREDIT0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.4K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.3K Work, Benefits & Business
- 599.6K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards