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Help to Buy Deposits
epm-84
Posts: 2,798 Forumite
I've heard numerous times that Help to Buy can let someone with only a 5% deposit get a foot on the property ladder. However, subject to meeting the other criteria like being a first time buyer, is there any maximum deposit if you want to take 'advantage' of the scheme?
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Comments
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There are two schemes, Help to Buy Mortgage Guarantee and Help to Buy Shared Equity.
Which scheme were you looking at?0 -
jacobtheamish wrote: »There are two schemes, Help to Buy Mortgage Guarantee and Help to Buy Shared Equity.
Which scheme were you looking at?
The Mortgage Guarantee which doesn't require the purchase to be of a new build home.0 -
If you have a deposit of 10% or more, you'll get a better rate by staying away from HTB - MG, as the guarantee costs you a higher rate!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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The Mortgage Guarantee which doesn't require the purchase to be of a new build home.
If you have more than 5% deposit then why would you want to use the Help to buy scheme.
The scheme is designed to provide guarantees on mortgages with ltv's 80-95%. As Kingstreet says though, rates are better on products outside of the scheme, if you have a 10% plus deposit0 -
I interpreted the question as
OP has e.g. 10,000 available. Which could be 10% dep. on a £100,000 house ... or 5% on £200,000 house?0
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