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Am I living in a dream world?
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It only helps you to put down a smaller deposit. It does not allow you to borrow more money, if anything it will be less as it can be more strenuously tested for affordability by some lenders.I am a Mortgage AdviserYou 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.0
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In answer to your original question.
Yes, you are....make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
tbh, over the next 2 years I wont be able to save £15,000
It will be more like £8,000
I planned to borrow the rest off a family member.
Oh, !!!!!!! You are being gifted the majority of your deposit, as well, but with you providing just around 3% of the deposit from your income, you didn't think it might be a bit of a stretch to get a 250k mortgage, some 16 times your salary?!
The mortgage itself (235k) would require you to pay around £1500 a month, far higher than your net salary.
http://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator
As for applying for a scheme that you haven't researched how it works, bloody hell, read here.
https://www.devonhomechoice.com/Devon_Home_Choice/CFEHowitworks.jsp?selectedMenu=How%20it%20works0 -
I must admit, I was thinking something along those lines.Oh, !!!!!!! You are being gifted the majority of your deposit, as well, but with you providing just around 3% of the deposit from your income, you didn't think it might be a bit of a stretch to get a 250k mortgage, some 16 times your salary?!
Basically... put this one to rest. Speak to a broker to see what IS possible (although I gave you an idea in a previous post).I am a Mortgage AdviserYou 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.0 -
Yeah, sorry bro, you are too poor to own the place you live in unless you want to move a long way away. Maybe someone will die and leave you some money. Profiting from someone's death is basically your best way onto the property ladder, and ideally it will be premature so you are not old and grey by the time it happens.0
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