A Mortgage, do I stand a chance? Any scheme will do:)

Hussy123

Hello Jobatch80. Ok I'm really going to look into the FHTB plus my deposit. I totally get it could make a big difference in terms of LTV. So I will look I to that but a lad at work said if you use FHTB then only certain lenders will touch you(not sure how much true is in that?)+ my credit report...I'm really in doubt about my credit report. Thats is the issue. And if thats the case with lenders I'm not sure where I will stand.

Stephenni1971. I'm only 7 years through. Could possibly do 12 but was hoping that resetlement grant would be my cushion from when I go into civvi st.

stephenni1971

JoBatch80 wrote: »

I'm taking FHTB with the intentions of using my year 8 bonus to repay the rest of it - it's interest free and means you're paying less interest on your mortgage. Worth it if you're planning to stay in for a couple of years at least. If you really wanted to put your notice in you'd find a way to repay FHTB! Worth investigating imo - especially if the additional money outs you in a lower LTV bracket as your mortgage rate will fall also.

FYI - I'm RN. Taking 10k as any more has tax implications, with 3 years to run to my bonus date and notice in. I'll easily pay £3k on basic repayments over that time, and then with bonus, pay off most of the rest. There should be £1000 ish to pay off in the last 12 months of service. It's allowing me to borrow the rest of my mortgage (FTB) in 85% LTV at 2.99%, without it I'd be looking at a rate of 3.69%. It's worth playing with the maths :-)

I'm not sure you get the tax implications bit properly. The JSP has the full info but it's very very little. Worth taking over the £10k if you are able as the tax will be a pound or two a week at most.

stephenni1971

Hussy123 wrote: »

Hello Jobatch80. Ok I'm really going to look into the FHTB plus my deposit. I totally get it could make a big difference in terms of LTV. So I will look I to that but a lad at work said if you use FHTB then only certain lenders will touch you(not sure how much true is in that?)+ my credit report...I'm really in doubt about my credit report. Thats is the issue. And if thats the case with lenders I'm not sure where I will stand.

Stephenni1971. I'm only 7 years through. Could possibly do 12 but was hoping that resetlement grant would be my cushion from when I go into civvi st.

There are still plenty of options if you take FHTB. Where are you posting up north? Telford way? As I said your entitlement to SFA will be affected.