Government mortgage schemes

TwentySomethingGirl

Hi


DH and I bought our flat in December 14 using Help To Buy. I'm wondering if it is worth it (if affordability allows) to add 10% or 20% onto our mortgage when the 2 year fix is up to pay off part of or all of the loan before the price really goes up? I want it paid off before we start paying interest and am trying to balance the increase in house prices with the interest that we would pay if we add it to the mortgage.


Grateful for any info


TSG

kingstreet

TwentySomethingGirl wrote: »

Hi


DH and I bought our flat in December 14 using Help To Buy. I'm wondering if it is worth it (if affordability allows) to add 10% or 20% onto our mortgage when the 2 year fix is up to pay off part of or all of the loan before the price really goes up? I want it paid off before we start paying interest and am trying to balance the increase in house prices with the interest that we would pay if we add it to the mortgage.


Grateful for any info


TSG

So many variables and unknowns it's virtually impossible to answer this. It's all about your property and its value and your mortgage and the rates you have and can get.

ac1d

if you have never taken a mortgage but been left part of a house in a will can you still be a 1st time buyer
so there for take out a help to buy isa ?
A:)

kingstreet

ac1d wrote: »

if you have never taken a mortgage but been left part of a house in a will can you still be a 1st time buyer
so there for take out a help to buy isa ?
A:)

You've owned a property, so no you are not a FTB in this context.

Some lenders may treat you as a FTB some time after owning.

0161a

I would like some advice.
I live in a council property, I have lived here for 15 years, I am 59 and my take home pay is about £850.


I am due to come into an inheritance of about £80,000-£100,00 when probate is sorted ( about 6 months time). Ideally I would like to buy my home to give me some security and to be able to leave something to my children.
Due to the price of houses in this area, I don't think I will have enough money. I am not sure if I could get a mortgage due to my age, income and credit history.


Is there any way that I could part buy my house? if that s not possible what would be the best way to invest the money?

Alice_Walker

0161a wrote: »

I would like some advice.
I live in a council property, I have lived here for 15 years, I am 59 and my take home pay is about £850.


I am due to come into an inheritance of about £80,000-£100,00 when probate is sorted ( about 6 months time). Ideally I would like to buy my home to give me some security and to be able to leave something to my children.
Due to the price of houses in this area, I don't think I will have enough money. I am not sure if I could get a mortgage due to my age, income and credit history.


Is there any way that I could part buy my house? if that s not possible what would be the best way to invest the money?

No part buy schemes in the circumstances you describe.

At present you have security of tenure for the rest of your life, and someone taking care of all maintenance for you.

Use the money to enjoy your retirement!

sweetc2001uk

Hi,

I bought a new build in 2009 with the shared equity scheme. The apartment was originally valued at £85k, the government/builders own 25%.

I'm looking to sell my apartment so I have recently had it valued. It is valued at 15% less (£70k) because once the builders had reached their targets they decided to sell the remaining new builds off cheaply so the value of all houses and apartments in the area have since been down-valued.

The government/builders want 25% of the £70k, however with admin fees, solicitor & estate agency fees I don't currently have enough equity in the property if it was sold at £70k (if it was valued & sold at the original price of £85K I would be fine). So I'm currently looking at being £4k - £5k out of pocket from my own money, even though I've been paying for a mortgage for just over 5 years.

Has anyone else heard of cases like this and can provide me with any assistance please?

Any help much appreciated

Caroline

km1705

Hi all,

Having only just found out about the Govenment's Mortgage Guarantee scheme (5% deposit with no shared ownership), I'm all for it. Unfortunately, I noticed on helptobuy.gov.uk that apparently the scheme is due to end at the end of the year. I won't quite be able to save up the deposit required in that time - does anyone know if this is a definite end for the scheme, or if there has been any indication it will be renewed? I'm not really interested in shared equity/help to buy otherwise, as I'd like to own my first home outright.

Thank you

askingforafriend

Hi - I'm curious to know if anyone has used help to buy loans when they have sufficient money saved up to put a deposit down. Surely there are benefits to taking out the 5 year interest free loan and tieing the cash up in other investments- then selling the house before the 5 years are up... essentially getting an interest free loan for a few years, the idea being you will accumulate interest on savings/investments and make a profit on the house without having to stump up much cash?

anyone done this/ heard of anyone doing it? sounds pretty straightforward so there must be something thats not right...

Thrugelmir

Gain in the increase in the value of the property on the loan element is owed to the Government. Negates the benefit. That along with a slightly higher interest rate. As lenders pay to participate in the scheme.