We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
New buy scheme...all dried up
andrewash316_2
Posts: 53 Forumite
I have had my house on the market for over 12 months now and it still hasn't sold..:(
We have had to relocate due to work commitments so at this moment we are renting while our house is still on the market empty.. So we have a 5% deposit and because we are running two homes (inc childcare..don't get me started on that) we are pushed and we haven't got the room to save...
We have seen an amazing new build property and they have agreed to give us the market value of our property in part exchange...good news! But now because of the help to buy rules we are not candidates for this but we were informed about the newBuy scheme where they offer 95% ltv on new builds... But on the newBuy website it lists 4 mtg lenders...I've rang all 4 lenders and all say this has gone and was withdrawn early/mid 2014...
Sod's law...any ideas what we can do next?!? Has any one had one of these deals recently?
We have had to relocate due to work commitments so at this moment we are renting while our house is still on the market empty.. So we have a 5% deposit and because we are running two homes (inc childcare..don't get me started on that) we are pushed and we haven't got the room to save...
We have seen an amazing new build property and they have agreed to give us the market value of our property in part exchange...good news! But now because of the help to buy rules we are not candidates for this but we were informed about the newBuy scheme where they offer 95% ltv on new builds... But on the newBuy website it lists 4 mtg lenders...I've rang all 4 lenders and all say this has gone and was withdrawn early/mid 2014...
Sod's law...any ideas what we can do next?!? Has any one had one of these deals recently?
0
Comments
-
do you know why the house hasnt sold?0
-
No idea..it was originally on the market at £110k...we reduced it down a few times over a year it's now on 95k! It's actually below its market value for comparable properties...it's in a area full of young family's it's a great first time buyer home...just no on has fallen in love with it like we did.. We've done all we can and now we need a quick sale...but we can not go any lower.. Our mtg is currently 96k so we are actually making a loss now
Hence why we need to move it and quickly0 -
Its not below market value if it hasn't sold. That means it's overpriced in the current market.0
-
Why is the help to buy scheme not suitable for you?? Interested as i am currently applying.0
-
You can't use HTB - Equity Loan in conjunction with part-exchange.
OP - you can do an assisted sale/purchase, if your builder offers it.
BTW - some lenders have replaced NewBuy with HTB - Mortgage Guarantee, which is practically the same scheme.
Have you spoken to your builder's broker? They should be helping you with this.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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards