Help to Buy - do all mortgage lenders qualify

ant2006

Hey all,

We just got an offer on our house.
Having a look around what houses are available for me to buy next, and there is a newbuild which I like, but wouldn't really like to fork out the whole amount for since it is right at the top of my price range. But have heard about the government help to buy scheme.

I have a large deposit to use from the equity on our existing home.
So, I dont need help finding the deposit. Just keeping the monthly payments down for a few years while a few more pay rises kick in (but at a push I could afford the monthly repayment but would have to perhaps forgo several family outings etc).

Anyways, do all regular building societies and banks qualify to use the scheme?

Are there any downsides to using it (apart from that it only works with newbuilds - but that's a separate discussion point really).

And would I qualify, or would I need to not have a decent deposit behind me to be able to make the criteria?

Anyone already been involved with the scheme since it started on 1st April? Really would be interested to hear from you.

Thanks,

kingstreet

Only Halifax is signed up so far. Woolwich/Barclays is in, or on the verge of it and NatWest, Nationwide and Leeds the other former FirstBuy lenders are dragging their feet.

ant2006

Hey Kingstreet,

Thanks for the info.
I'm with YBS at the moment, and guess I would have to pay a redemption fee to end my current mortgage if I needed to switch to a different lender to take advantage of it.

That would be a shame really, because they've served me well.

I'll have to ask them if I am interested after viewing to see if they have any plans to take it up.

kingstreet

I'd be very surprised if lenders who have never shown any inclination to get involved in shared equity business decide to start now.