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DO I qualify for Help to Buy \ New Buy Scheme
sherer
Posts: 63 Forumite
Hi
Im looking at getting a new build property on either the Help to Buy Scheme or New Buy. From reading the scheme it seems to be for people who can afford a property but haven't been able to save up the deposit yet.
I'm in a different boat as I have the 20% deposit but with my earnings I won't be able to get a mortgage on the other 80% as that's over 5 times my salary.
If I could get an extra 20% via help to buy \ new buy then I would be able to get a mortgage on a 60% LTV and be able to afford that. Is that possible under the scheme ?
Im looking at getting a new build property on either the Help to Buy Scheme or New Buy. From reading the scheme it seems to be for people who can afford a property but haven't been able to save up the deposit yet.
I'm in a different boat as I have the 20% deposit but with my earnings I won't be able to get a mortgage on the other 80% as that's over 5 times my salary.
If I could get an extra 20% via help to buy \ new buy then I would be able to get a mortgage on a 60% LTV and be able to afford that. Is that possible under the scheme ?
0
Comments
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Yes. You can borrow upto 4.5x your gross annual income, but your debt to income ratio must be under 45%.
You can increase your personal deposit if you are unable to borrow enough from a mortgage lender.
This is Help To Buy - Equity Loan, NewBuy is a 95% mortgage product.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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