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Help to Buy joint mortgage
MykMallett
Posts: 135 Forumite
Hey, sorry if this has been covered, I couldn't find anything using the search.
Me and a friend want to put together to get on the property ladder. We both live in London...so I'm sure I don't need to go into the ludicrous costs associated there, but essentially there's not much on the market on our budget and help to buy drastically improves our options (of course).
Only problem is that I can't seem to find anywhere that tells me that help to buy would accept joint mortgages, is this allowed?
Me and a friend want to put together to get on the property ladder. We both live in London...so I'm sure I don't need to go into the ludicrous costs associated there, but essentially there's not much on the market on our budget and help to buy drastically improves our options (of course).
Only problem is that I can't seem to find anywhere that tells me that help to buy would accept joint mortgages, is this allowed?
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It is yes.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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How so?MykMallett wrote: »there's not much on the market on our budget and help to buy drastically improves our options
If you are buying second hand, all HTB - Mortgage Guarantee does is increases the availability of 95% mortgages. It doesn't allow you to borrow more.
HTB - Equity Loan if buying a newbuild will assist with a loan to increase your deposit, but lenders make an allowance for the future cost of the equity loan reducing what you can borrow. The Government calculator is also based on 4.5x income, 45% debt to income ratio and uses a 4.8% mortgage rate to calculate what is affordable.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 -
interesting - notihng on line makes it clear that Help to Buy mortgages can be joint.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Thanks for the information everyonekingstreet wrote: »How so?
If you are buying second hand, all HTB - Mortgage Guarantee does is increases the availability of 95% mortgages. It doesn't allow you to borrow more.
HTB - Equity Loan if buying a newbuild will assist with a loan to increase your deposit, but lenders make an allowance for the future cost of the equity loan reducing what you can borrow. The Government calculator is also based on 4.5x income, 45% debt to income ratio and uses a 4.8% mortgage rate to calculate what is affordable.
Wow, 4.8%, that's high compared to everywhere isn't? Will that go up when interest rates inevitable rises? I'm still kind of struggling to make sense out of a lot of this stuff...I want to find out as much as I can before I contact a mortgage advisor.
In terms of options, I'm under the impression that first time buyers will struggle to get a mortgage of 90%. So we have roughly £30k between us and could get (in theory) a £330k max mortgage. So having the increased deposit amount might make this easier. Of course, we would take into account the pitfalls of the HTB scheme0
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