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Help to buy & larger deposit.
gazgits
Posts: 59 Forumite
Hi I'm looking at purchasing a new build house and hope to take advantage of the help to buy scheme. When i sell my house i should have enough equity to put down a deposit of aprox 20%. Is this allowed or do i have to stick to 5% as I'm using the help to buy scheme?
Thanks in advance
Gaz
Thanks in advance
Gaz
0
Comments
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You can put down as much as you want, as long as you borrow at least 25% of the price of the property.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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Thats good to know, thanks for the quick reply.0
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So king street if people can manage more than the 5% deposit,can they still apply for the full 20% from the government?0
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Next question, i'm looking to buy a home from Betthomes who allow the home to buy scheme and also offer part exchange but say they can offer one or the other but not both. Is this correct, if so why?
Thanks in advance0 -
Yes, as I said, you can put down more deposit, as long as you borrow the minimum, 25% of the purchase price.
You can still choose the 10% or 20% equity loan, as you prefer.
http://www.homesandcommunities.co.uk/sites/default/files/our-work/help_to_buy_buyers_guide_sept_2013.pdf
PX is not permitted under HTB - EL, but the assisted purchase/sale is, so speak to your builder and see what it can offer...
Please read the guide, if you have not already done so!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 -
Awesome, thanks for the info and the link to the guide.0
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