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Help to buy/ builder deposit
Rjenkins
Posts: 3 Newbie
We have our eye on a new house and are wanting to take up the help to buy, ie we need a 5% with a 75% mortgage other 20% is an equity loan from the government... We have been facing problems up to now as we do not have savings help from family of enough money in our current home to raise the 5% deposit... Last weekend we found our dream home on the help to buy and the builder will pay the 5% deposit problem solved... Or is it?! Are there any lenders who will accept the builders deposit as our 5% as we personally will not be contributing, if not what option do we have?
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If you are struggling to raise the 5%, how are you going to pay the equity loan back?Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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If you are struggling to raise the 5%, how are you going to pay the equity loan back?
The equity loan doesn't have to be paid back for 25 years.
http://www.helptobuy.org.uk/docs/default-source/default-document-library/help-to-buy-equity-loan-buyers-guide.pdf?sfvrsn=20 -
You cannot proceed on HTB - EL without 5% deposit from your own resources, regardless of any builder cash incentives.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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yes the government loan had 25 years although that is not our intention to loveso long our problem is raising a deposit quickly mortgage affordability want an issue we get up 2 years ago and have a thriving business if we chore not to use htb do we have any other options?0
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Don't you also need to be a first buyer for the equity loan?0
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No. Any homebuyer purchasing a newbuild, as long as any existing property is sold prior to completion.Don't you also need to be a first buyer for the equity loan?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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