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Help to buy equity loan
DEC1982
Posts: 20 Forumite
Hi I'm wondering if someone can advise me on this scheme
I currently own a house with my husband which has approx £22 000 equity in.
We earning £48,000 combined with debts of around £3000.
My oh credit history is ok with a few late payments last year
Mine not so great with a default in 2011 which is settled.
We ideally need to upsize as we have one child with one on the way. Looking at houses in the £190000 region.
Given my history how likely is it that we would qualify for the equity loan.
Thanks
I currently own a house with my husband which has approx £22 000 equity in.
We earning £48,000 combined with debts of around £3000.
My oh credit history is ok with a few late payments last year
Mine not so great with a default in 2011 which is settled.
We ideally need to upsize as we have one child with one on the way. Looking at houses in the £190000 region.
Given my history how likely is it that we would qualify for the equity loan.
Thanks
0
Comments
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Hi is any one able to give a little advice please.
Thanks0 -
Which scheme are you talking about Help to Buy Equity Loan (New Builds) or Help to Buy Mortgage Guarantee (Resale Homes).0
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The help to buy equity loan. This would mean only needing a 75% mortgage.0
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£190,000 purchase
£38,000 equity loan
£9,500 deposit
£142,500 mortgage.
Affordability looks okay. You'll qualify for the equity loan ans there is very little to stop you.
I'd talk to an experienced whole market broker about the mortgage and your credit history and let them see your credit files so they know what they are dealing with.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 -
Thanks so my credit history won't immediately stop me qualifying for the equity loan then?0
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No such checks are done for the equity loan.
The HCA HomeBuy Agent assumes if you can get a mortgage from one of the HTB lenders, you are creditworthy.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 -
Ok that's great so potentially I'd find it easier to get a 75% mortgage then?
Will definitely give my broker a call to discuss.0
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