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help to buy scotland
patrickc1987
Posts: 3 Newbie
Hi there, Just looking for a little bit of advice really.
I have a mortgage just now and i am looking to move into a new home. So i went to the bank to discuss mortgage options and everything got the green light.
So i found the perfect house, a new build by Barratt Homes, and advertised on the website is the Help To Buy scheme with 5% deposit. PERFECT
I put my reservation down on the house and went back into the bank just to confirm everything was now ok, but now i am being told the help to buy scheme is fully subscribed in Scotland and i can no longer get a 95% mortgage on a new build. They now want a 20% deposit!! The house is only £135k so i would need £27k deposit which i dont have.
But i can get a 95% mortgage on a house over 2 years old upto the value of £200k? where is the logic in this?
obviously this is not ideal as the house i want is a new build.
anyway what i would like to know is...is there any other options out there to get the house with a 95% mortgage? my estate agent isnt back from holiday untill monday so i cant ask her. If the help to buy scheme is full then should Barratt not be updating their website so it is not advertising the scheme for this particular house? or do they have another lender that will push this through?
Any help or advise would be appreciated
I have a mortgage just now and i am looking to move into a new home. So i went to the bank to discuss mortgage options and everything got the green light.
So i found the perfect house, a new build by Barratt Homes, and advertised on the website is the Help To Buy scheme with 5% deposit. PERFECT
I put my reservation down on the house and went back into the bank just to confirm everything was now ok, but now i am being told the help to buy scheme is fully subscribed in Scotland and i can no longer get a 95% mortgage on a new build. They now want a 20% deposit!! The house is only £135k so i would need £27k deposit which i dont have.
But i can get a 95% mortgage on a house over 2 years old upto the value of £200k? where is the logic in this?
obviously this is not ideal as the house i want is a new build.
anyway what i would like to know is...is there any other options out there to get the house with a 95% mortgage? my estate agent isnt back from holiday untill monday so i cant ask her. If the help to buy scheme is full then should Barratt not be updating their website so it is not advertising the scheme for this particular house? or do they have another lender that will push this through?
Any help or advise would be appreciated
0
Comments
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Engage a broker to look for you or look on lenders websites yourself.
Help To Buy is not fully subscribed everywhere so I assume Barratt's website still show it as it is available in England at least.0 -
I belive there are now lenders offering the Help to buy 95% mortgage guarantee on new build houses.
Obviously with that your monthly payment will reflect you having a 95% mortgage rather than 75% with 20% Government Equity loan.0 -
Help To Buy - Equity Loan Scotland was ended by the Scottish Government.
There are a couple of options on 95% on newbuilds and you'll find them easier via an experienced newbuild broker.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 -
Here's the info on the oversubscription
http://www.gov.scot/Topics/Built-Environment/Housing/BuyingSelling/help-to-buy0 -
thanks, so there are other options to explore other than the help to buy scheme?
good atleast i know i am still in with a slight chance of getting this then0 -
Yes. Help To Buy - Mortgage Guarantee, rather than Help To Buy - Equity Loan.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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