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Any Help to Buy Equity Loan success stories?
markbmcfc
Posts: 11 Forumite
Hi all,
So, my broker is telling me that due to my credit history (two defaults, one 3 and one 5 years ago), banks/BS won't touch me and those that would consider me, wouldn't lend what we need. We only have a 5% deposit on a house worth £215k.
I do have an AIP from Precise. The rate isn't 'too' bad, just under 4% but the priority for us is to get on the ladder for the first time, and we're buying off plan a house that's due to be ready later this year/early next year.
Firstly, does anyone think it's worth trying a bank for a H2B mortgage given the two defaults? Or is that a pipedream? Precise's lowest rate lending criteria is 0 issues in 24 months. Mine is 36+ months so it's frustrating I seem to 'beat' their criteria but still have to use them.
Regardless of lender, does anyone have any success stories with Help to Buy Equity Loan mortgages in general? It looks financial madness unless I can repay the equity loan in the first five years.
I know it's early days but in theory some two year H2B deals should be just about ending or have finished by now. Has it worked well for anyone? Disaster for anyone?
Would be really interested to hear how H2B equity loan borrowers have got on with using H2B. Thank you.
So, my broker is telling me that due to my credit history (two defaults, one 3 and one 5 years ago), banks/BS won't touch me and those that would consider me, wouldn't lend what we need. We only have a 5% deposit on a house worth £215k.
I do have an AIP from Precise. The rate isn't 'too' bad, just under 4% but the priority for us is to get on the ladder for the first time, and we're buying off plan a house that's due to be ready later this year/early next year.
Firstly, does anyone think it's worth trying a bank for a H2B mortgage given the two defaults? Or is that a pipedream? Precise's lowest rate lending criteria is 0 issues in 24 months. Mine is 36+ months so it's frustrating I seem to 'beat' their criteria but still have to use them.
Regardless of lender, does anyone have any success stories with Help to Buy Equity Loan mortgages in general? It looks financial madness unless I can repay the equity loan in the first five years.
I know it's early days but in theory some two year H2B deals should be just about ending or have finished by now. Has it worked well for anyone? Disaster for anyone?
Would be really interested to hear how H2B equity loan borrowers have got on with using H2B. Thank you.
0
Comments
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Looks like your broker is already on top of this.
As to the H2B EL scheme.
With 5% deposit and a poor credit history, what's plan B anyway?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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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