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Help to Buy & Part Exchange...
DilbertJones
Posts: 670 Forumite
Is it possible to negotiate a discount on a new property even with both of the above 'incentives'?
Got an interesting email regarding a local development, normally I am against new builds, but I hadnt considered I could actually get an extra bedroom with the help to buy scheme in account of the larger deposit, I can also keep some back from my house sale to fund my wife in learning to drive which in itself will be a godsend.
Any way I know the new builds are usually overpriced and have some room for negotiation, will my powers of negotiation be lost if I utilise their part exchange incentive?
Got an interesting email regarding a local development, normally I am against new builds, but I hadnt considered I could actually get an extra bedroom with the help to buy scheme in account of the larger deposit, I can also keep some back from my house sale to fund my wife in learning to drive which in itself will be a godsend.
Any way I know the new builds are usually overpriced and have some room for negotiation, will my powers of negotiation be lost if I utilise their part exchange incentive?
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Comments
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I'd say your chances are slim. You'll either get money off the newbuild, or a better value on yours, you won't get both.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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Went to see the development this weekend, apparently they dont offer part exchange on help to buy schemes? Apparently it costs them money for Help to buy, I thought the government provided the equity loan not the builder??0
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It does.
It's a spurious reason.
If they choose not to get involved in a Part-Ex on HTB, that's upto them but blaming the scheme for it is garbage.
You have to be free of any other property at the time you complete the HTB purchase and that's the only stipulation.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.
It's a spurious reason.
If they choose not to get involved in a Part-Ex on HTB, that's upto them but blaming the scheme for it is garbage.
You have to be free of any other property at the time you complete the HTB purchase and that's the only stipulation.
I thought so! I will be grilling their agent next time I am down....
With regards to the need to be free of property, do I have to sell & rent first or can I complete on my sale the same day I complete on the new build?0 -
Simultaneous sale and purchase completions are fine.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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Thanks for that, thought i'd have to live with the MIL for a while then!!
Do all mortgages allow Help to Buy or is it a select number of companies/products that do so?
My Mortgage advisor is on holiday so cannot check with him but he has provided some figures for me with Santander that I am happy with, however at the time we were not considering new build and as such help to buy wasn't discussed.0 -
Limited products and lenders.
Santander joined the HTB panel last week, but I have no idea if the products the broker has covered are available on HTB.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 -
Ok, so best off waiting for him to return next week before making any drastic decisions0
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