We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
Help to buy question
mak12345
Posts: 58 Forumite
Guys,
When you do the help to buy does the lender of the 75% do the earnings multiple based on that or the whole of the house? I'm not sure if I am being thick here but presume its somewhere in the middle?
When you do the help to buy does the lender of the 75% do the earnings multiple based on that or the whole of the house? I'm not sure if I am being thick here but presume its somewhere in the middle?
0
Comments
-
I would like to know this as well. I would guess it takes into account the mortgage for 75% and the loan of 20%.0
-
Presumably this is for HTB - Equity Loan on a newbuild?
These days there is no earnings multiple. Lenders have online calculators into which you enter your income and outgoings, one of which is usually 3% of the equity loan.
The resulting figure is the amount you can borrow, your maximum mortgage amount from that particular lender.
To that, you add the equity loan and the deposit and you then have your maximum property purchase price.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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 349.6K Banking & Borrowing
- 252.6K Reduce Debt & Boost Income
- 452.9K Spending & Discounts
- 242.5K Work, Benefits & Business
- 619.2K Mortgages, Homes & Bills
- 176.3K Life & Family
- 255.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards