Help to buy launch (Scotland)

mr_cool

So we have probely all seen the news about the scheme launching early for Scotland next week.

I am in a position to purchase a property and have a 10% deposit avaliable. I have been approved for a standard 90% mortgage for this.

I have now seen this scheme is launching and wondering if it is worth looking at this instead of a convential mortgage given my circumstances.

http://www.bbc.co.uk/news/uk-scotland-scotland-business-24297003

amnblog

I have just answered this for one of my clients.

Regardless of political posturing we have heard nothing yet from lenders on products under this scheme being launched.

How they will compare with current products also remains unclear.

In your case it depends on your entry date, there may be no products out in time. Worth keeping an eye out for newly launched products n the meantime.

mr_cool

Thanks, guess we will have to wait and see, apparently deals will be avaliable as early as next week.

kingstreet

Are you buying a newbuild?

Scots HTB - Equity Loan is being launched tomorrow and it's for newbuild only, same as the English version.

I did post a synopsis on HBR&S on Friday;-

https://forums.moneysavingexpert.com/discussion/4777402

mr_cool

Hi,
It wouldn't be a new build but I was sure I saw it applied to existing propertys too ??

Ta

kingstreet wrote: »

Are you buying a newbuild?

Scots HTB - Equity Loan is being launched tomorrow and it's for newbuild only, same as the English version.

I did post a synopsis on HBR&S on Friday;-

https://forums.moneysavingexpert.com/discussion/4777402

kingstreet

Nope. It's newbuild only.

http://www.bbc.co.uk/news/uk-scotland-scotland-business-24297003

shinyahashimoto1

It's newbuild only in the most recent announcement, which is basically Scotland copying the NewBuy scheme which has been available in England since April.

I think we will still receive the same 95% mortgage guarantee scheme which Cameron has just announced in England, in January 2014 in Scotland. That is what I could decypher from previous reports this year, however I'm not sure with all the new reports/announcements :eek:

mr_cool

shinyahashimoto1 wrote: »

It's newbuild only in the most recent announcement, which is basically Scotland copying the NewBuy scheme which has been available in England since April.

I think we will still receive the same 95% mortgage guarantee scheme which Cameron has just announced in England, in January 2014 in Scotland. That is what I could decypher from previous reports this year, however I'm not sure with all the new reports/announcements :eek:

I don't think thats true. This is from HM TREASURY what they were going to launch in Jan 14 (brought forward)


Option 2 – Help to Buy: mortgage guarantee

New build and existing homes
You’ll need a deposit of as little as 5% for
this scheme
Available to existing homeowners as well
as first-time buyers
You’ll need to secure a mortgage for your
purchase. The Government guarantee will
encourage lenders to offer better access to
low-deposit mortgages
Available from January 2014, this scheme
will run for 3 years
Maximum home purchase of £600,000

http://yournews-legalandgeneral.com/pv_obj_cache/pv_obj_id_BB320F8298FC1120B8826B44DE0AD12E294C0800/filename/Help%20to%20Buy%20Definition%20Budget%202013.pdf

All should be become clear when the lenders play catch up and sort out their products.