Help to Buy 2014

dch2005

Hey guys

Is anyone going to use the help to buy scheme on second hand properties come Jan 2014?

If so what are your views and how are you going to take advantage of the scheme?

Thanks

amnblog

I have lost count of the number of people this month who have told me they want to use the H2B scheme to buy a 'secondhand' property in 2014.

I keep having to tell them that the 2014 extensiion of the scheme is around encouraging lenders to lend between 80% and 95% of the purchase price.

It is not expanding the 20% equity scheme out of the new build arena.

dotdash79

Perhaps the questions around help to buy, etc. need a sticky to save loads of new post about them.

ACG

The country is waiting until 2014.
The next thing will be people complaining that house prices are jumping up.

dch2005

amnblog wrote: »

I have lost count of the number of people this month who have told me they want to use the H2B scheme to buy a 'secondhand' property in 2014.

I keep having to tell them that the 2014 extensiion of the scheme is around encouraging lenders to lend between 80% and 95% of the purchase price.

It is not expanding the 20% equity scheme out of the new build arena.

Thank you for the reply although I am aware of that. I am however interested in how people will use the scheme.

For example are people going to make overpayments to increase the equity from 5% quicker therefore reducing any risk of negative equity when the house prices eventually fall?

Or are people going to wait until they have a big enough deposit but risk being unable to afford the soaring house prices?

All I seem to read about the new scheme is how it's going to inflate the housing market then come crashing down etc. Unfortunately this is rather unhelpful and doesn't advise people what to do to make the best of a bad situation.

I want to know what people will do and how they can make things work for them using this scheme?

dch2005

dotdash79 wrote: »

Perhaps the questions around help to buy, etc. need a sticky to save loads of new post about them.

How does it get changed into a sticky?

Delta452

amnblog wrote: »

I have lost count of the number of people this month who have told me they want to use the H2B scheme to buy a 'secondhand' property in 2014.

I keep having to tell them that the 2014 extensiion of the scheme is around encouraging lenders to lend between 80% and 95% of the purchase price.

It is not expanding the 20% equity scheme out of the new build arena.

Erm, I'm confused. That's not how the .gov website reads. Website intimates that the scheme will be available to buy both new and existing builds..?

kingstreet

Th point AMN is making is there will not be a 20% equity loan as there is on the current scheme.

Lenders will be given Government guarantees and relaxation of the capital requirements to encourage them to offer more 90%+ mortgages. You will not be able to borrow more, you will not be getting a bigger deposit,

If you want to know how it will work, look at the current NewBuy scheme.

brit1234

As a portential first time buyer I hope they scrap the scheme. Living in London all the foriegn buyers and stimulas schemes are pushing house prices out of reach of most. The 2nd part of H2B will make it even worse.

hezza86

I personally am waiting on this scheme to go live. We have a flat to sell so are second time buyers and we need a 95% mortgage or we'll just never be able to move. we are taking a potential negative equity hit on our flat to move to our 'dream home' and we have money ready for a deposit but only 5%. So im glad that this scheme is coming in (and im selling/buying in scotland)

kingstreet

Is HTB - MG going to be available in Scotland?

HTB - EL isn't.