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Help to Buy with 10% Deposit?
MaseCTID
Posts: 38 Forumite
Hi All,
I'm looking at buying a new build with my partner and we're looking at putting down 10% from personal savings and using the help to buy for another 10% - getting an 80% mortgage.
We got told this weekend that we'll be lucky if we get approved for Help to Buy as we already have 10% deposit.
Is this the case and will we most likely get rejected for H2B because of it?
Thanks,
Liam
I'm looking at buying a new build with my partner and we're looking at putting down 10% from personal savings and using the help to buy for another 10% - getting an 80% mortgage.
We got told this weekend that we'll be lucky if we get approved for Help to Buy as we already have 10% deposit.
Is this the case and will we most likely get rejected for H2B because of it?
Thanks,
Liam
0
Comments
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No you should be fine. You can get 10 or 20% equity from the HCA to support you buying your home. http://www.helptobuy.org.uk/docs/default-source/default-document-library/help-to-buy-equity-loan-buyers-guide.pdf?sfvrsn=40
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Thank you. I think we should be OK. Was just worried as the sales negotiator on the plot mentioned we might struggle.0
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You'll struggle with lender choice.
Most of the products work on upto 75% loan to value and can't cope with 80%, even though it's a "normal" option.
Otherwise ethank is right. You can put down as much as 55% deposit. The only stipulation is you must borrow at least 25% of the purchase price.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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