Government Help to Buy Scheme

roy5051

We are 70/65 years old, and own our ex-council 3-bedroomed house and would like to downsize to a 1 or 2 bedroomed property.

Ex-local authority properties do not seem to command such good prices as privately-built properties, and it is doubtful that we would be able to buy a privately-built property in our area (East Somerset) for the amount we would get for our property.

My question is this:- If we were to sell our property and had some cash to pay for, say, 80% of a new property, would we be able to take advantage of the government Help to Buy scheme, and have an equity loan for the remaining 20%? All the explanations of the scheme I have seen so far mention having to take a 75% mortgage, which we would not want to do, as we would like to pay cash for the balance instead.

okborednow

As far as I know the scheme is there specifically to cater to those who cannot afford to buy a house on their own. When you apply to buy a house the help to buy agency makes a determination if you could buy on your own and if you can then they won't lend you anything. That is how the scheme was explained to me anyway.

Building_Surveyor

the scheme is designed specifically for people who have low deposit, you have a deposit of 80% rather than the usual 5-10% therefor i doubt you will qualify. And you've said you dont need a mortgage either. I dont know much about the scheme but you have 80% of the purchase price in cash, you are 70/65 somehow i dont see you qualifying. Do you both still work? whats your income?

why not get a loan or mortgage for the remaining 20% - i dont know the age thresholds but presumably if you work and meet the age thresholds then it might be plan b. The scheme itself does not sounds as if its designed for your circumstances. Check the criteria first.