First time buyer in London - Help to buy scheme

Ashley_Davis

I'm a first time buyer looking to get a flat in London. I have a deposit of £145,000 through inheritance. Should I look into one of the help to buy developments, even with a considerable deposit?

I found somewhere that I believe is good value being a contract reassignment and was accepted on a mortgage for a loan of £175,000 but I have been advised to seriously consider dropping out and taking advantage of one of these schemes. The schemes don't seem to have a max deposit as far as I can see.

Has anyone looked into this or could advise me one way or the other?

brit1234

I wouldn't touch help to buy with a barge pole and I have a big deposit. I would avoid the scheme and enjoy the London price falls ready with your big deposit.

Ashley_Davis

brit1234 wrote: »

I wouldn't touch help to buy with a barge pole and I have a big deposit. I would avoid the scheme and enjoy the London price falls ready with your big deposit.

Why so? especially the London help to buy equity loan? 40% a 0% interest..

Elfbert

I would seriously say it's up to you.

Where in London do you want to live? Will you get a place there outright with the deposit/mortgage? Do you want to do any work on a place or just buy a property you can walk into? Do you earn enough that you could get a more expensive property with the 40% and pay it all off before interest goes up from 0%? Do you want to buy a 1 bed because that's all you need, or a larger place you can grow into?

It's way more complex than 'what's a good idea', because what's a good idea for 1 person isn't for another!