We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Help to buy -what about if I have an 80% deposit?
shireknight
Posts: 187 Forumite
Bit of a daft question but worth asking.
If I want to sell my house and upsize and after the sale can afford to put down an 80% deposit does that mean I can borrow the remaining 20% on the help to buy scheme and pay no interest for the first 5 years?
If I want to sell my house and upsize and after the sale can afford to put down an 80% deposit does that mean I can borrow the remaining 20% on the help to buy scheme and pay no interest for the first 5 years?
0
Comments
-
I don't think you can do that. According to this guide:
So, I think you'd need to find a qualifying lender that was prepared to lend only a small amount of the purchase. You certainly won't find one prepared to go through the administrative hassle for a £1 loan; I suspect there's a minimum loan size but I don't know what it is.Buyers must take out a first charge repayment mortgage with a qualifying
lender.0 -
The mortgage has to be for a minimum of 80% of the purchase price."You were only supposed to blow the bl**dy doors off!!"0
-
20% equity loan and 5% deposit means a maximum mortgage of 75% though?maninthestreet wrote: »The mortgage has to be for a minimum of 80% of the purchase price.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 -
with an 80% deposit it sounds like you don't need 'help to buy' ?0
-
its sounds like being greedy, trying to take a govt scheme meant for people who need help getting on the housing ladder, and hoping to use it so you can live for free for 5 years!!!with an 80% deposit it sounds like you don't need 'help to buy' ?
thats why this country is in a mess! - because people try to suck whatever benefits they can, even if they don't need it..:mad:0 -
wannahouse wrote: »its sounds like being greedy, trying to take a govt scheme meant for people who need help getting on the housing ladder, and hoping to use it so you can live for free for 5 years!!!
thats why this country is in a mess! - because people try to suck whatever benefits they can, even if they don't need it..:mad:
Now you say it like that you're right it's sounds terrible doesn't it, I never thought of it that way
It was only a hypothetical question out of interest more than anything else
0 -
but nothing the rest of us wouldn't try, if we could ,to be honest! (as humans are greedy by nature in general, hence, the state of this country...!)shireknight wrote: »Now you say it like that you're right it's sounds terrible doesn't it, I never thought of it that way
It was only a hypothetical question out of interest more than anything else0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards