Government mortgage schemes

duaney

I have a mortgage and also rent part of my house but the rent and mortgage have increased by £170.00 per month , it was difficult to find a mortgage that would cover and I don't know if I can swop lenders ?

christinafrance

Hi - I’m applying for the help to buy scheme and I have a salary as well as a widows police pension - just making sure I can use both for affordability? I have the private police pension for the rest of my life ??

Hodgson17

Hi,
I'm sharing my experience of Help to Buy new build in Scotland.
H2B ISA was fantastic, I was able to save 4k to receive a bonus 1k plus the £100 interest on the account.
H2B equity seemed a good deal as it allowed me a 5% deposit and to pay interest on a smaller portion of the properties value. The Scottish Ministers would have a 15% equity stake in my property that I could buy back at any time.
Over time the equity stake with Scottish Ministers has proved to be a bad deal.
Firstly coming to remortgage I was stuck with my existing lender as the broker and Scottish Ministers need to be involved to change anything with the mortgage. This incurs broker admin fees and Scottish Ministers solicitor fees, as well as my own solicitor fees so it didn't seem worthwhile to just change lender. My rate went up from a 1.89 sweetener to 2.5%... well and truly on the hook.
To tranche up (buy back equity) incurs the same charges. Brexit/Coronavirus uncertainty stopped me from teaching up and now remortgaging again I'm stuck on the Help to Buy rate rather than any of the 1% rates on offer.
This feels like a scheme for banks to make money off first time buyers, offering a sweeter rate knowing there's lots of paperwork and fees to pay changing mortgage, then bumping the rate up.

Vicki345

Hello. 

Looking for some advice. I currently have live in accomodation with my place of work, but I am at risk of loosing this due to expecting a baby and not being able to go back to work as a senior manager at the end of my maternity leave. I currently live in the London area but would like to relocate back to my home town in the midlands so I can return to work (I can transfer within my company) with the help of childcare from family. I have looked into shared ownership as I don’t think I’ll be eligible for a ‘standard’ mortgage. My partner has an IVA which means I would need to take the property out on my own. we currently have a 4K deposit that would cover a share in shared ownership deposit however I am unsure as to whether I would be able to get this, my current salary is 30k but when I return from maternity will be less than this. We can afford the payments together but again my partners income would not be able to be counted due to his IVA. 

Does anyone have any advice on how we can move with a property rather than having to private rent? 

Thanks in advance 

dadsbank

My daughter has a 50% shared ownership mortgage on a two year fixed term with Halifax that is now coming to an end. She is now being told that to remortgage THEY view the property at more than the she bought it so she will need to find extra money to equate to the 50%.  Surely this cant  be right. At the end of the fixed term doesn't the mortgage revert to their variable rate leaving you the option to discuss new fixed term or change lenders. Her independent advisor mentioned none of this.  Can anyone shed light on this.

FrugalCat

dadsbank said:

My daughter has a 50% shared ownership mortgage on a two year fixed term with Halifax that is now coming to an end. She is now being told that to remortgage THEY view the property at more than the she bought it so she will need to find extra money to equate to the 50%.  Surely this cant  be right. At the end of the fixed term doesn't the mortgage revert to their variable rate leaving you the option to discuss new fixed term or change lenders. Her independent advisor mentioned none of this.  Can anyone shed light on this.

That does indeed not make sense.

More likely, the property is worth less than what she bought it at and the property is in negative equity.
Then she would be asked to put money in, so that she holds enough equity in the house to qualify for the mortgage product.

dadsbank

They still maintain that the mortgage amount is below their new valuation so in order to maintain 50% she needs to provide more funds.  Makes no sense to us at all.

MovingForwards

@dadsbank
How much did your daughter pay for her 50%?
What type of mortgage? Interest only or capital repayment?
Was her property a new build or resale?
Have any other properties nearby sold within the last 6 months? If so, what did they sell for?

DeanoMagino

can I buy a house with someone using my help to buy Isa if its there second mortgage?

Marcus_Cooper

Hi all, hopefully someone can help me... I have been saving with a Help to Buy ISA for several years now - I've never bought before so I didn't give a moment's thought to whether I was eligible. I have just been reminded by my Dad that I was added to the deed of ownership for my parent's house about 25 years ago - this was seen as a (now illegal, apparently) way to prevent the house being sold to cover any care costs that may occur for my parents in the future. From what I've seen, I am expecting that this disqualifies me from using the deposit bonus from the ISA (utterly gutting as I've been paying into it for 8 years) - can anyone confirm for definite that's the case? My Dad thinks I should still be ok as adding a name to the deed has no legal standing (if so, why was it done?!?), but I'm more pessimistic. If it is the case, then is there anything else I can do with this money that will help with buying a house? Thanks.