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Help to Buy Mortgage - Pros and Cons

Options
cvw55
cvw55 Posts: 85 Forumite
edited 12 May 2016 at 3:51PM in House buying, renting & selling
Hi all,


I'm after some advice. I'm looking into a Help to Buy Mortgage, which sounds great on paper but I am aware there are a few catches.


I just wondered if anyone had any experience/advice on the pro and cons? For example, does it make selling the property difficult? Do you have to live there for a certain number of years?


thanks :)


:dance:

Comments

  • cvw55
    cvw55 Posts: 85 Forumite
    Anyone? :)


    :dance:
  • marksoton
    marksoton Posts: 17,516 Forumite
    https://www.helptobuy.gov.uk/mortgage-guarantee/how-does-it-work/

    There you go.
  • kingstreet
    kingstreet Posts: 39,253 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Are you buying a newbuild and using HTB Equity Loan, or HTB Mortgage Guarantee for a second-hand property?
    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.
  • cvw55
    cvw55 Posts: 85 Forumite
    kingstreet wrote: »
    Are you buying a newbuild and using HTB Equity Loan, or HTB Mortgage Guarantee for a second-hand property?


    To be honest, I've been looking at both. Ideally I'd like an older property with more space. Realistically, a new build and the equity loan is probably more financially achievable.

    I'm worried about getting tied into a Gov scheme and then having to relocate with a couple of years and being stuck with a house I can't sell/rent out either because I can't afford to or aren't allowed because of the scheme. Would this be the case or am I worrying unnecessarily? thanks


    :dance:
  • kingstreet
    kingstreet Posts: 39,253 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Either option would prevent you obtaining consent to let, so I would say if that is your priority, these would best be avoided.

    As with all things financial, you are going to have to weigh up the pros and cons against your personal circumstances, and how these might change in future.
    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.
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