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Help to buy - Help me understand!
Comments
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We gave just bought a house (complete tomorrow) with help to buy 2. Totally understand your situation we have 4 and 2 year old and this will be our first home. Our earning are around 58k and we were able to get this mortgage product no problem from Halifax. Good luck in your search.0
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Here's a copy of the latest HTB - Equity Loan guide;-
http://www.homesandcommunities.co.uk/sites/default/files/our-work/help_to_buy_buyers_guide_010814.pdf
Main points;-
you must put down at least 5% deposit, more is possible
the loan is interest free for 5 years
after five years, "fee" payments start at 1.75% of loan and these increase each year (see page 14)
the loan is repayable on sale, voluntarily in upto two chunks, or after 25 years, although your mortgage term can be different
you are borrowing 10% or 20% of the property purchase price. When you repay, you repay as a percentage of the property value at that time, not the £ loan you had at outset
the HTB calculator uses 4.5x income, 45% debt to income and a 4.8% mortgage rate, so is less generous than many lenders.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 -
Thanks, thats actually really clear. Will read info on the link now too.Wandered away from the MSE track for a while but am back and on a mission! Debts cleared nearly £18k. Now to start saving ...0
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We gave just bought a house (complete tomorrow) with help to buy 2. Totally understand your situation we have 4 and 2 year old and this will be our first home. Our earning are around 58k and we were able to get this mortgage product no problem from Halifax. Good luck in your search.
Good luck with your move! Thanks for the comment. If it's not too personal would you mind telling me how much (or even the percentage) your own deposit was?Wandered away from the MSE track for a while but am back and on a mission! Debts cleared nearly £18k. Now to start saving ...0 -
It's HTB - Mortgage Guarantee, so between 5% and 9.9%.Good luck with your move! Thanks for the comment. If it's not too personal would you mind telling me how much (or even the percentage) your own deposit was?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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