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Help to buy question...
midlander81
Posts: 205 Forumite
Hi,
Have been looking at the help to by scheme as a possible way of buying our next property in a couple of years ( apparently scheme is being rolled out to 2020??)
What happens is we have more than a 5% deposit to put down. Does that make us ineligible? For example, If we see a house for £250K but we have 50K to put down how would that work?? Would we still be eligible for the 20% home equity loan or would our larger mean that we could only get a smaller Home Equity Loan????
On the website it says that you need 'at least' a 5% deposit which suggests that it is possible with a larger deposit.
Have been looking at the help to by scheme as a possible way of buying our next property in a couple of years ( apparently scheme is being rolled out to 2020??)
What happens is we have more than a 5% deposit to put down. Does that make us ineligible? For example, If we see a house for £250K but we have 50K to put down how would that work?? Would we still be eligible for the 20% home equity loan or would our larger mean that we could only get a smaller Home Equity Loan????
On the website it says that you need 'at least' a 5% deposit which suggests that it is possible with a larger deposit.
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Comments
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Newbuild or not?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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You must take out a first mortgage (with a qualifying lending institution e.g. a bank or building society). This mortgage, together with any cash contribution from you, must be a minimum of 80% of the full purchase price. The maximum full purchase price is £600,000.
The Agency will provide an equity loan to fund the balance needed to make up the full purchase price of your home, a minimum of 10% and up to a maximum of 20% of the full purchase priceI 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 -
down size is you have to give them the value of the house share when you repayDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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kingstreet wrote: »Newbuild or not?
Hi
Is the scheme available for both new and old properties? We are undecided regarding the type of property to go for.0 -
There are help to buy schemes for either type of property, but the equity loan is only available on newbuilds with selected mortgage companies.midlander81 wrote: »Hi
Is the scheme available for both new and old properties? We are undecided regarding the type of property to go for.Nothing I say represents any past, present or future employer.0 -
midlander81 wrote: »Is the scheme available for both new and old properties? We are undecided regarding the type of property to go for.
H2B equity loan scheme - selected new build properties only (properties offered under the scheme are decided upon by the developer)
H2B mortgage guarantee scheme - new and previously occupied properties - any that are suitable for lending.
If you would like to view our one minute videos outlining the basic facts of each type of scheme, please PM me.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
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