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help to buy dysfunctional (HSBC)
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Charliemarlie
Posts: 11 Forumite
HSBC will lend to us if we 10%(non htb) but not if 5% with htb!
Surely it's the same thing? Gov are guaranteeing the other 5%?
Surely it's the same thing? Gov are guaranteeing the other 5%?
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Comments
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Not the same - you're having to borrow less of your deposit overall.
Total deposit 25%; at 90% you're borrowing 15%, instead of borrowing 20% at 95%. Putting more money in yourself is a lower risk as this is the only 'equity' initially, the loan has to be repaid after all.I am a mortgage adviser.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.0 -
They would prefer not to have to repossess the property, which is a requirement to be able to claim from the indemnity fund. The Government only guarantees the indemnity fund if there are insufficient funds to cover the repossessions; not the mortgage shortfall itself.
The indemnity fund covers from 80% to upto 95%.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 -
HSBC's HelpToBuy is useless for me. Their minimum deposit is 10k. Guess they don't care about areas outside of South East England.Changing the world, one sarcastic comment at a time.0
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We got the mortgage just had to stuff in another 10k odd. Better in long run and the deal was immense we hardly pay back anything0
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