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First Time Buyer - Help to Buy Scheme
Comments
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My thought is what if your brother wants to move on, buy with partner etc? Can you buy him out in the future and pay back the government their 20%. I have done everything alone and you know what it's all mine!
Although you are unable to sell it, so will be "all yours" for a long time to come.0 -
I'm about to exchange on a HTB purchase, circumstances very similar to yours.
Assuming we're talking the equity loan scheme, the terms stipulate that your mortgage can be no more than 4.5 times your gross salary, with a deposit of £42k (20% HTB and 5% yourself) that leaves you requiring a mortgage of £126k, in theory you can only get a maximum of £121.5k on £27k p/a.
Just worth bearing in mind - not too difficult to overcome though (buy with brother, negotiate price, increase your deposit contribution, apply after pay rise etc)
I reserved 2 months ago, intention was to exchange 19th of December but EVERY document back and fourth between all parties took twice as long in the Christmas post, now just waiting for everyone to get back to work. I also have 2 spare rooms fwiw.0 -
I am hoping to get the ATP this week, what caused the delays and the paperwork to go back and forth?0
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Unfortunately housebuying seems to run on pen and paper forms, and it takes a long time for anything to be processed!0
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I think the OP is talking about HTB - MG and half the thread has gone off on one about HTB - EL.
Can we clarify, please? OP, are you buying a newbuild, using Help To Buy - Equity Loan, or a second hand property on HTB - Mortgage Guarantee?
If the latter, a salary of £27,000 with no dependents, existing credit etc will get you a maximum mortgage of £135,000. You are not going to be able to purchase for more than £142,000 as a result.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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