Amount?

RPN4X

Jhoney wrote: »

Take a good look at your thread replies, OP

How can I find their location? :cool:

RPN4X

audigex wrote: »

Yes, the Help to Buy ISA is really worth it if you're about to save for your deposit. I wish it had existed 5 years ago.

Save up £1200 first, then start the ISA (the most you can pay in at once is £1200). You can then add £200 a month up to a maximum of £12,000, to which the government will add £3,000.

So add £200/month for 54 months (4 and a half years) and you'll have £15k, having deposited £12k

You should probably also open another ISA/savings account and pay your other £300/month into that (to make your £500/month). It just won't get the 25% top-up from the government.

Add the two together and that will give you £31,200 before interest. A nice little sum, especially once you add interest and doubly especially if you add any of your bonus or any future pay rises to this.

If you don't need £30-35k for your deposit, you could obviously choose to stop saving before the 4.5 years are up and use whatever you have you get the 25% bonus once you have £1600 in the H2B ISA, so there's no real penalty from buying as soon as you have the deposit.

Will this affect me getting a mortgage? I already have a savings account with Skipton? Should I close that one and open ISA with Halifax?

Jhoney_2

RPN4X wrote: »

How can I find their location? :cool:

Extreme left of their posts, under the username etc

rochey1098

I personally went and got a DIP at Halifax (it's just a soft credit check) before I went house shopping to see the kind of price range I should look at. Went to Nationwide for the full mortgage but their DIP left a hard credit check, offer came through last week.

RPN4X

Hey people, would you recommend a solo 5% mortgage or been advised this "

Government Help to Buy scheme where you can take out a government loan for 20% of the deposit as long as you put in 5%. There’s no repayment on the loan in the first 5 years and then when you remortgage you can consolidate into overall mortgage if income has increased by then and hopefully house value as well"

csgohan4

RPN4X wrote: »

Hey people, would you recommend a solo 5% mortgage or been advised this "

Government Help to Buy scheme where you can take out a government loan for 20% of the deposit as long as you put in 5%. There’s no repayment on the loan in the first 5 years and then when you remortgage you can consolidate into overall mortgage if income has increased by then and hopefully house value as well"

If your house increased in value, so will the value of the loan to be repaid.

megaginge

No.

Save 10% if you can.

But 95% LTV products are available that are NOT Government backed and thus you don't risk negative equity to quite the same degree (Just the usual risks associated with possible property depreciation)

Have a look on MSE's mortgage comparison tool.

RPN4X

Hello, sorry to bring up this thread but didn't want to have another, will 1 AA in amber on my file affect me from November 2014? and how long does it stay on?