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Help to buy, first time buyer.
XKD
Posts: 1 Newbie
Hi,
I'm currently in the early stages of a Help To Buy scheme and I'm a bit confused by it all. (Mostly terrified!)
The one I'm looking at is..
House price: £113.995
Mortgage (75%) £85,497
Deposit (5%) £5,700
Equity loan (20%) £22,799
Basically because of my annual income I can only obtain a mortgage for around £72,000 so to be be able to go for this I have to increase my deposit to make up the shortfall so over £18,000. So because I've put down a larger deposit does that mean my equity loan would be lower? How much am I lending overall? ..
I've no idea when it comes to these things so if anyone has any experience in HTB it would be appreciated!
I'm currently in the early stages of a Help To Buy scheme and I'm a bit confused by it all. (Mostly terrified!)
The one I'm looking at is..
House price: £113.995
Mortgage (75%) £85,497
Deposit (5%) £5,700
Equity loan (20%) £22,799
Basically because of my annual income I can only obtain a mortgage for around £72,000 so to be be able to go for this I have to increase my deposit to make up the shortfall so over £18,000. So because I've put down a larger deposit does that mean my equity loan would be lower? How much am I lending overall? ..
I've no idea when it comes to these things so if anyone has any experience in HTB it would be appreciated!
0
Comments
-
The HTB equity loan can be upto 20%.
Your deposit is a minimum of 5% but can be as much as 55%.
If the deposit increases, the HTB loan remains the same, your mortgage requirement drops. That's how you meet the Government and lender affordability requirements.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
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