Help to Buy scheme

Daniyella

Looking at help to buy scheme house is £205k

£10250 is buyers deposit
£41000 is governments 20% Loan
£153750 is mortgage from commercial lender

My question is how much will be payments back to the government per month and when will they start straight away or in 5 years?

Next question my partner is self employed and his net profit is £35k i work part time with an income of £11k would we be able to get a mortgage for £153k with £13k debt between us (car and credit card)

kingstreet

The year six fee payments on the equity loan will be 1.75%, or £59.79 per month on £41,000 equity loan. These increase each year in line with RPI + 1%, so a 5% increase would see the rate in year seven at 1.9%, or £64.92 and so on...

Your figures are too vague to give you a decent answer. You need to know his net profit for the last three tax years and you need to break down your credit commitments. What are the fixed car payments each month and how long is left and what is the credit card balance outstanding?

Do you have any other costs, such as maintenance or childcare and do you receive any other income, such as tax credits or child benefit?

Daniyella

Hiya,

His net profit for 11/12 £31790
Net profit for 12/13 £35697
(2years audited accounts)

Car is £204 pm for another 2 years 7 months (5years in total)
Credit card is £7440
Credit commitments £1350 MacBook

We Don't receive any tax credits or child taxcredits, only child benefit at £81 pm child care is paid via my sacrifice scheme at work at £75 a month.