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Am I eligible help to buy scheme on older properties.
goody23
Posts: 65 Forumite
i own a ex local authority flat that i bought from the council..it has become very small for me since i have a large family now..i was waiting for the buy to let scheme to expand to older properties it has been brought forward from january to next week...
can i buy with the 5% deposit ?
can i buy with the 5% deposit ?
0
Comments
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Are you selling the flat ?
I believe you cant use the scheme for second homes.0 -
Am I?
Surely is the question!Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
originalmiscellany wrote: »Am I?
Surely is the question!
lol...of course that is the question...0 -
How much equity do you have?0
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If you are credit worthy.
If you are selling your current home and the sale will be completed on or before the completion of the new one.
If the new mortgage is affordable according to the lender's affordability model.
If the property is suitable security for the mortgage.
Then yes, you should be able to use Help To Buy - Mortgage Guarantee.
This will NOT;-
- give you an interest -free loan
- allow you to borrow more than usual
- mean 95% mortgages for those with credit problems
- mean sub-3% mortgage rate, they'll be 4.5% or more (IMHO).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 -
KS
The background info says the scheme will not be available to people with a history of difficulty in making credit payments.
I think the credit scoring will be very tight or the lenders won't get the deal secured under the insurance scheme.
What is your view.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
As hard as it is for NewBuy and other 95% products in the market.
I think lenders are going to be very careful who they want to lend to on this scheme.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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