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Help To Buy - Equity Loan Scheme
Comments
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Hi kingstreet. Yeah I agree. But as I quoted in my thread. On a property of 140k and 25% deposit(20k EL)...monthly repayments £464 and to repay the EL in 5 years a further £466 a month. I think a 5% deposit on such a property the monthly payments were around £800. (All figures above are roughly what I think I said).
I just think people who aren't disciplined enough will find themselves in trouble and think there will be a lot of these people. I'm not sure its a good deal.0 -
But that's your choice, not a requirement.to repay the EL in 5 years a further £466 a monthI 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 -
Ýeah I know its our choice. But over the years the interest will get bigger and you only will ever own 80%.
I think it looks good on the outside. And I wont rule it out. Just think it will land a lot of people in trouble eventually anyway.0 -
Kingstreet...this is a quick one. On the 45% of debt to monthly out goings, is this including Mortgage repayments?
Or is it 45% is the maximum of outgoing and debt you can have at any time before the mortgage repayments.
Think at moment we have 1k outgoings including car finance, utility bills, sky and Credit cards...and 3k in pay.0 -
As above..kingstreet wrote: »Outgoings will be mortgage, loans, credit cards and service charges for the property. This is the 45%. The HCA calculator is not interested in your subscription to Viz, or whateverI 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 -
Cheers Kingstreer...is that 45% across the board? And anything
Above that is a no go?0 -
Yes, for the Help To Buy Equity loan that is correct.0
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Sorry I should of said, I mean what about mortgage guarantee or just a general mortgage application. Just wondered if the 45% is to cater for the EL or if that percentage is the same for other applications.0
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Sorry I should of said, I mean what about mortgage guarantee or just a general mortgage application. Just wondered if the 45% is to cater for the EL or if that percentage is the same for other applications.
This thread is about the ELS and that is the context of Kingstreet's reply.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 -
Its all about learning amnblog. And I am. Sorry for messing this tread right up!0
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