Help To Buy with larger deposit

hmtbmh

Hi!

I've been reading up on the Help To Buy scheme but I cannot find an answer to this question.

All example scenarios from all the lenders, and indeed the scheme's own site put forward the idea of you coming up with 5% deposit and the Government giving you 20% equity loan, giving for all intents and purposes you a total of 25% deposit.

I live in an expensive part of the country and I am not paid mega bucks, so unfortunately I need more than 25% deposit.

Some lenders have FAQs and a couple say 'can I put down more than 5%' and they'll say yes but you should talk to us to go through other options blah blah.

I have a fair bit saved, so I can put down a lot more than 5%, but if I put down say 15%, does this mean the Government's part would reduce to 10%, to make the total 25% at all times, or can I still get 20% from the Government to add to my 15%, making 35%?

Thanks!

Octaben

As long as your mortgage is for at least 25% of the value, you can get a 20% equity loan and put down as much as a 55% deposit. So yes you can put in 15% plus the 20% leaving a 65% mortgage