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Help To Buy - Equity Loan Scheme
Comments
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Jambo, i am in no way an expert, but i am currently applying for the Help To Buy EL scheme using a Independant Financial Adviser.
He has sent me a spreadhseet from Help to Buy which i simply fill in. This calculates if you are eligible for the loan. As it stands i am on 35% debt to household income, i am a single applicant, with very little outgoings. None of the boxes as an earlier poster said, turned red, so i am assuming i will be ok.
If you speak to a good adviser, i can recomend the one i used (in private) he was very good.
He seems very confident i will have no issues in getting the loan from HTB.0 -
An independent mortgage broker is a good source of information on the HTB schemes, particularly equity loan, how it works and the lenders offering products on the scheme.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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What would happen to the amount you have to repay if the value of the property has gone down when it comes to the end of the 5 years?0
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Five years has no relevance to repayment of capital, only to payments of fees, which start in year six.
Whenever you repay part, or all, of the equity loan it is based on the property value at the time of the repayment. If the value is higher, you pay more, if it lower, you pay less;-
http://www.helptobuy.org.uk/docs/default-source/default-document-library/help-to-buy-equity-loan-buyers-guide.pdf?sfvrsn=4
see pages 11 & 12.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 -
Does anyone know if employee benefits, specifically a season ticket 'loan', should be included in the 45% outgoings figure for HTB EL?0
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I wouldn't enter that as a credit commitment, nor would I enter it as a benefit/income.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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kingstreet wrote: »I wouldn't enter that as a credit commitment, nor would I enter it as a benefit/income.
Thanks for the reply, unfortunately the builders Mortgage broker with whom we need to 'qualify' with sees it as a loan, which drops our budget somewhat.0 -
So what's the HTB Agent's view?
Do other borrowers have their travel expenses taken into account?
If this wasn't a loan, but a monthly payment to the provider how would it be treated?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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