Help to buy equity loan.... very unhelpful !!!

sky_rat

arbrighton wrote: »

Can you move closer to where you work, and use the car less apart from for coming to collect daughter?

That has been a big dilemma for many years BUT it would mean reducing contact with my daughter, which is already limited as it is. So instead I have focused on being on my daughter and always on the look out for work closer to where I live.

Pixie5740

What does your inability to purchase a new build home have to do with the Help to Buy Equity Loan scheme? Why does it have to be a new build that your purchase? Couldn't you just use the £60k your parents are giving you to buy another property, maybe a fixer upper?

I'm younger than you and live somewhere just as expensive yet I have managed to save my own deposit (maybe that's because I got a first ).

I'm sure there are lots of expenses you could cut back on. For example you don't really need a 2 bedroom place just now. You could rent a 1 bedroom place, your daughter gets the bedroom when she visits and you sleep on a sofa bed in the living room. There's a saving right there and being a smaller property will most likely mean less council tax to pay, less gas to heat, etc.

sky_rat

Bigbenning wrote: »

Your 39, surely you must of saved some money? Instead of blagging off your parents, blagging of the government, and then moaning when it doesn't go your way. I'm sorry but that's life, you get out of it what you put in.

If that was me during that first phase when they didn't contact you I would of been at that building site everyday knocking on the office wanting to know what is going on but you was being lazy and lost out. Nothing comes for free not matter how much you think you deserve it.

Really grates me when people think they deserve something out of life, here is a pointer, you can think you work hard all you want but if your not working hard on other aspects of your life (like saving for a deposit) there's not much point

That would be true if life went to plan... but life is never that simple. The job I was doing at the time I graduated with my degree was poorly paid. So 10 years ago I found a better paid job which meant relocatingas it was 90 miles away (in Milton Keynes). However, my girlfriend at the time unexpectedly fell pregnant, she was heavily pregnant when we moved.

We had little family support as they lived 90 miles away, so my girlfriend raised our daughter whilst I worked. With my partner unable to work we only had one income to live on, so it was impossible to save !

Things changed drastically again 5 years ago as we separated and my ex wanted to stay in Milton Keynes with our daughter. However, the company I was working for had gone into administration so I had to find a new job. Unfortunately there is very little work around MK in my field of expertise, but being close to my daughter was a priority and very important to me. The nearest work I could find is 50 miles away.

So with this drastic change my finances became even tighter. I now have child maintenance to pay, higher commuting costs and higher rent. This is why it has been impossible to save for a deposit. I have managed to save a few thousand pounds over the years but thats negligible when compared to todays house prices. It would probably only just cover the costs of all the solicitor and mortgage fees.

As for being at the building site knocking on the office door everyday... I have a job to go to ! I leave the house at 8am and get back home at 8pm so the building site office is closed (I think their hours are 10am to 5pm)

Its easy to judge, but sometimes you just don't know the background of someones life and why they are in the situation they are in.

I don't have a problem with people on benefits who deserve and need them. I do have a problem with the biggest benefit scroungers... the politicians. I also have a problem with all the corruption i.e. politicians, expenses, bankers, tax avoidance etc

sky_rat

Pixie5740 wrote: »

What does your inability to purchase a new build home have to do with the Help to Buy Equity Loan scheme? Why does it have to be a new build that your purchase? Couldn't you just use the £60k your parents are giving you to buy another property, maybe a fixer upper?

I'm younger than you and live somewhere just as expensive yet I have managed to save my own deposit (maybe that's because I got a first ).

I'm sure there are lots of expenses you could cut back on. For example you don't really need a 2 bedroom place just now. You could rent a 1 bedroom place, your daughter gets the bedroom when she visits and you sleep on a sofa bed in the living room. There's a saving right there and being a smaller property will most likely mean less council tax to pay, less gas to heat, etc.

Because you can only get a 20% equity loan on a new builds. Otherwise I would need to find that 20% myself - thats the whole point of the help to buy equity loan.

My parents don't have £60k for the deposit, its £20k ! Based on the monthly payments I could afford on a mortgage (which is the same I pay in rent each month) I could afford a mortgage of around £180k.

So with a mortgage of £180k and a £20k deposit it means I could afford a property of £200k.

However, two bedroom properties are nearer to £250k so I am £50k short... unless I can get a help to buy equity loan to make up the £50k short fall.

Maybe you are better off than me with your 1st :P)

But maybe your situation is different to me and you aren't a single parent either (see my previous post!)

AdrianC

sky_rat wrote: »

At the start of the year I put my name down for a 2 bedroom new build...
The property was priced at a ludicrously, over inflated price of £265k
...all the houses were sold so I missed out.

Can't have been that ludicrously over inflated, given that you were happy to pay it, and they all sold out with more demand than supply...

My budget is £250k for a new build (using the help to buy equity loan) or £200k for a used property, yet its impossible to find a 2 bedroom house for £200k

"Impossible" is a strong word, given there are nearly 350 <£200k 2+-bed properties in MK on Rightmove currently.

You were happy to pay £265k thanks to your parents. Why can't you add that extra £20k to your budget? Take the RM search to £220k, and it's 420 properties. Go to a ten mile radius, and there's nearly a thousand.

As a tax payer, if you don't want my money - that's fine. I'm sure the Gov't can find something else to use it for.

AdrianC

sky_rat wrote: »

However, the company I was working for had gone into administration so I had to find a new job. Unfortunately there is very little work around MK in my field of expertise

I thought house prices in MK were high because it was London-commuter-belt...?

sky_rat

AdrianC wrote: »

I thought house prices in MK were high because it was London-commuter-belt...?

Thats correct. But unfortunately there is no work in London, or MK for that matter, in my field of expertise (automotive controls engineering). London and MK have many jobs in the service sector such as finance, solicitors, estate agents, retail etc. I have been and will continue to look for work more local, but I have not found anything in the last 5 years of searching.

chris198232

Nobody knows your situation, it's a pnnoying it's not worked out with that site for you. It does seem however you are choosing to ignore the number of properties people have pointed out for you currently on sale.

Bite the bullet, let the new build go and snap up one of these and get on the ladder.

sky_rat

blahblahblah85 wrote: »

That's just not true, looking on right move now there are plenty under £200k for a 2 bedroom 2nd hand market, with many being in desirable areas such as Newport Pagnel etc.

Where are you renting now? I live in the area and have also been house hunting but I think your prices are higher than what I've experienced. Brooklands were emailing me about their unsold 2bed new builds only a few weeks or so ago £205k I think, they are around 65sqm.

Im already in contact with brooklands... they told me they have no 2 bedrooms except one which is being built but they wont know if help to buy will be available on it until the new financial year. So I just have to wait to see what they say.

I need to be close to the M1 in order to get to work, my commute is at least an hour each way as it is. I don't want to make it any longer !

sky_rat

Elfbert wrote: »

Are you sure the housing association properties are for 'people on benefits', rather than things like rent-to-buy, shared ownership etc.? Have you actually enquired about these properties?

Thanks Elfber, Ive enquired about this today to see if any of the HA properties are available to me on schemes like shared ownership etc