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First Time Buyer and Help to Buy
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chokolat2
Posts: 438 Forumite
Hi
Me and my partner are about to make an offer for a 1 bedroom property of £100k
We have 10k for the deposit, I believe with the Help to Buy it is 5%, but we have 10%. We also are looking at the 20% equity loan , then we would only need a mortgage for 65% which is 65k.
Is that correct?
Or is it strictly 5% deposit , 20% loan and 75 % mortgage?
Many thanks
Me and my partner are about to make an offer for a 1 bedroom property of £100k
We have 10k for the deposit, I believe with the Help to Buy it is 5%, but we have 10%. We also are looking at the 20% equity loan , then we would only need a mortgage for 65% which is 65k.
Is that correct?
Or is it strictly 5% deposit , 20% loan and 75 % mortgage?
Many thanks
0
Comments
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https://www.gov.uk/affordable-home-ownership-schemes/help-to-buy-equity-loans
"you’ll need to contribute at least 5% of the property price as a deposit"
Not limited to 5%. There's yer answer.0 -
So you have £10K for the deposit and 20% help to Buy Loan so you need a £70,000 loan
LTV of 70%0 -
Have you both opened a Help to Buy ISA with Halifax ?
Pay in £1200 to start each and add £200 each month.
Once you have saved £1,600 you get the 25% bonus from the government.
Plus Halifax are paying 4% Tax free0 -
Is it a newbuild?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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