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Help to Buy not for second homes
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I thought the interest rate would be the same - in both case I'd have a 25% deposit. Perhaps I have misunderstood the rules or getting mixed up with another crazy government lending scheme! lol0
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I wish people would read the difference between equity loan on newbuilds and mortgage guarantee on second hand properties. The two schemes are totally different.
Mortgage Guarantee - think NewBuy extended to cover second hand homes. 95% with an indemnity fund to cover repossessions and the Government relaxing capital requirements for high LTV lending.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »It does not work that way.
You will simply have to sign a declaration that the sale of your old home and the purchase of your new one will be concurrent.
You will not have to sell, wait a while, then buy. The process cane be simultaneous, as it is now.
Have you the link to where that is written please?0 -
It was in an article in the trade press last week. I'll see if I can find it again.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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kingstreet wrote: »It is.
It's the HTB- MG scheme which starts in January. More 95% mortgage for second hand property.
Oh no, sorry, I mean the equity loan. I don't want a 95% mortgage. Really doesn't seem that sensible to me, just a 5% deposit.0
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