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Help moving up ladder
mayzee_2
Posts: 2 Newbie
We bought our first home five years ago and have been wanting to move for a while but do not earn enough to secure the loan amount we need to buy a bigger home especially as we now have a daughter so I can only work part time. I have heard recently about a new Government scheme called HELP TO BUY and read a little online about it but the info I found just touched the surface. Does anyone know how we would go about getting a mortgage this way and would we only be able to buy a newly built property through this scheme? We spoke to our current mortgage lender today (HSBC) and they cant help us so obviously there are only certain lenders offering it. Any advice appreciated.
0
Comments
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My limited understanding of help to buy is that the government help out with a loan towards the deposit where people only have a small deposit. Therefore you need to be able to afford the mortgage.
AFAIK Currently it is being offered on new builds and will extend to pre-owned properties in January.
Speak to a mortgage broker to see what you can realistically afford re mortgage. You will still need 5% deposit plus fees.0
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