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Confused Over Help to Buy (Not ISA)
anotheruser
Posts: 3,485 Forumite
I'm a bit confused over the Help to Buy scheme from the government.
If I'm buying an old house and put up 5% deposit, does the government put up another 5%, this making the 10%?
I guess this doesn't work with the help to buy ISA?
Thanks
If I'm buying an old house and put up 5% deposit, does the government put up another 5%, this making the 10%?
I guess this doesn't work with the help to buy ISA?
Thanks
0
Comments
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No.
HTB - MG you put down 5% deposit and get a 95% mortgage.
HTB - EL (newbuild only) you put down 5% deposit and HMG lends you upto 20% and you get a mortgage for 75% (eg).
https://www.helptobuy.gov.ukI 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 -
They offer a guarantee to the lender of x amount of the mortgage enabling the lender to de-risk higher ltv mortgages. You can use help to buy ISA's alongside help to buy mortgage products. It's not something I'm hugely familiar with but I do recall reading something that they maybe stopping the mortgage guarantee help to buy.0
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That's a shame as we don't want a new build.
Why they didn't make it available to all houses I don't know...
Never gonna make the 10% at this rate so just gonna head for the 5%.0 -
It's being used to encourage the nation's housebuilders to build houses...?anotheruser wrote: »That's a shame as we don't want a new build. Why they didn't make it available to all houses I don't know...
Equity loans on second hand stuff would simply fuel inflation which is already rampant in some areas.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 -
anotheruser wrote: »That's a shame as we don't want a new build.
Why they didn't make it available to all houses I don't know...
Generates economic activity. Construction is labour intensive. Boosts tax receipts for the treasury.0
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