"Help to buy" Scheme. Mortgage rules - we don't need one.

kingstreet

Help To Buy - Equity Loan is newbuild only.

Are you buying a newbuild? If you are, the HTB Buyer's Guide;-

http://www.helptobuy.org.uk/docs/default-source/default-document-library/help-to-buy-equity-loan-buyers-guide.pdf?sfvrsn=4

states on page five;-

Buyers must take out a first charge mortgage with a qualifying lender.

The HCA's calculator used to determine affordability, has set parameters, 25% minimum mortgage, 4.8% mortgage rate, 4.5X income and household debt to income ratio of 45%. If your proposition doesn't fit, the equity loan will not be permitted.

If you aren't buying a newbuild, HTB - Mortgage Guarantee is of no use as you aren't looking for a 90%+ mortgage.

As has been pointed out, shared ownership may suit you. You will need to convince the area HTB Agent that you cannot get a mortgage and can afford the rent on the share you don't own (if applicable).

http://www.helptobuy.org.uk/equity-loan/find-helptobuy-agent

Pixie5740

You currently live in a council flat that is unsuitable for your needs. Are the council able to adapt your current home so that it is suitable or move you to other accommodation that is suitable? Then your fianc! could move in with you. I know you say he doesn't want to live in a council property but as it stands it doesn't look like he can afford to buy somewhere.

The alternative is private renting but if possible I'd go for the secure tenancy of a council property over a private rental. Especially if you require adaptations to the property since you're in a wheelchair.

Mortgage_Mark_2

maisie14 wrote: »

I do not want sympathy, I asked for facts, ONLY, not value judgements, sarcasm and snidey inferences.

Good riddence to you.

Here's a fact for you then - his smoker status makes sod all difference to getting a mortgage, so stop mentioning how he is slowly killing himself.

I mean, we all make our choices, eh?

Good luck - with an attitude like yours, you'll need it.

mrs_blackadder

maisie14 wrote: »

Sarcasm and snideyness unnecessary , technically he is homeless at the moment, for a number of reasons I'd rather not disclose, but not due to his actions. As for the homeless poor on the streets that you refer to, well, we all make our choices...............

Charming. Waste of everyone's time.

adouglasmhor

Pixie5740 wrote: »

You currently live in a council flat that is unsuitable for your needs. Are the council able to adapt your current home so that it is suitable or move you to other accommodation that is suitable? Then your fianc! could move in with you. I know you say he doesn't want to live in a council property but as it stands it doesn't look like he can afford to buy somewhere.

The alternative is private renting but if possible I'd go for the secure tenancy of a council property over a private rental. Especially if you require adaptations to the property since you're in a wheelchair.

Could you buy the flat under RTB then pay for the work needed to bring it up to the level he needs with what is left in the available pension pot?

inatdeepend

maisie14 wrote: »

I do not want sympathy, I asked for facts, ONLY, not value judgements, sarcasm and snidey inferences.

Good riddence to you.

And you got facts and chose to ignore them.

There are lots of VERY helpful people on here who know a LOT more than you ever will. You don't deserve their help with your bad attitude.

maisie14

Thanks to everyone for their help.

Not sure if Over 55 scheme runs in Scotland.

Looks like our only option to buy the house we want is to try to obtain a mortgage for the minimum 25% qualifying amount for Help to Buy Scheme and put down as much cash as we can as a deposit.

Or for us to apply for the shared ownership scheme, wherein we find a two bed property under £125,000 on the open market, and get the HA to buy this for us, then we pay as much as we can as a part payment and rent on the remainder.

To the lady who suggested that we alter my flat to meet my requirements, it is already a disabled unit, the problem is we have no access to the garden from the back of the flat. which is really inconvienient with my dog.

Mortgage_Mark_2

maisie14 wrote: »

Thanks to everyone for their help.

Not sure if Over 55 scheme runs in Scotland.

Looks like our only option to buy the house we want is to try to obtain a mortgage for the minimum 25% qualifying amount for Help to Buy Scheme and put down as much cash as we can as a deposit.

Or for us to apply for the shared ownership scheme, wherein we find a two bed property under £125,000 on the open market, and get the HA to buy this for us, then we pay as much as we can as a part payment and rent on the remainder.

To the lady who suggested that we alter my flat to meet my requirements, it is already a disabled unit, the problem is we have no access to the garden from the back of the flat. which is really inconvienient with my dog.

Would it not be more cost effective to get rid of the dog?

[/sarcasm]

kingstreet

maisie14 wrote: »

Looks like our only option to buy the house we want is to try to obtain a mortgage for the minimum 25% qualifying amount for Help to Buy Scheme and put down as much cash as we can as a deposit

Are you buying a newbuild, or not?

AnnieO1234

Could he provide you with a mortgage and you buy the property under HTB? As in he acts like a high street bank? Any half decent lawyer should be able to set this up for you.

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