New house? Weird Deal?

pss53

Hi Folks,

Wondered if someone could help us, we are interested in a new property with Ben Bailey homes and they have offered us an "Advance 95 Scheme"

(Just search google for ben bailey advance 95)

Now I'm sure when I spoke to them over the phone, they told me it's a scheme where they give us the extra 5% and claim it back from the government with us only needing a 5% deposit?

So if anyone has heard of anything like that or can give us advice we'd be grateful...

Our mortgage broker told us about a chorley building socitiy deal but looking on their site at 5.6% varible for 5 years "I DONT THINK SO" (Unless brokers can get better deals than advertisied?)

Thanks in advance.

bigadaj

If you only have a 5% deposit then you are high risk and will no doubt have to pay a relatively high rate, 5-6% doesn't sound outrageous.

Purchase of a new home generally leads to an immediate reduction on price on purchase, so your equity could be wiped out in the short term, but that's a lifestyle choice.