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Help to buy question?
ktcoil
Posts: 559 Forumite
Hi guys me and my partner are currently paying £200 each into a help to buy isa so looking at £500 going in a month with the alowance from hell to buy(understand this £100 is not going into my account), we are looking at trying for £100,000 morgage but have seen a company who are saying new build houses for sale for £115,000 or £104,596 with help to buy, if we went to get a £100,000 morgage but maybe asked for £104,000 for this house is that right or would we need to apply for £115,000?.
Also if we got the all clear for a morgage but didn't fancy a brands new house as seen something else would we not be into allowed the extra from the help to by isa?
What ago houses are new build clast as?
Thanks
Also if we got the all clear for a morgage but didn't fancy a brands new house as seen something else would we not be into allowed the extra from the help to by isa?
What ago houses are new build clast as?
Thanks
0
Comments
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There are different types of help to buy schemes. The ISA scheme is available for all properties not just new. The ISA bonus is a maximum of £3000 (this is per ISA so if you both hold one you could have up to £3000 each) so it would appear that the new build promotion that you have seen is for the help to buy equity scheme, however you can use your ISA for this.0
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Aww thanks so if we chose a new build type equity house we can apply for the help to buy scheme that way? If we went for this as well for a new build house is it fully owed by us? Thanks0
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I don't think you can combine help to buy offers so you couldn't use money from the help to buy isa to buy a home with the government equity loan... I could be wrong but I'm pretty sure that's the case0
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The original information I had was that the ISA and Equity loan were separate loans and not interchangeable, however I am now looking at information from a different lender who has advised that there are 2 types of loan - the equity loan and the mortgage guarantee and the ISA can be used for both. The equity option also includes a loan from the government.0
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I am a Mortgage AdviserYou 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.0
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I have re-written my previous posts as the original info I had was incorrect.0
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