Help To Buy Larger deposit

AdamWilks

Hello everyone,

I am looking at a new home (my first home) and viewed some new builds last night that I fell in love with, I have some questions surrounding the Helo to buy Equity Loan that I cant seem to find answers for in the usual places.

Basically I have an extremely large deposit stemming from an inheritance were talking £120k+ but I incredibly cant seem to find any normal flats around that offer value/quality balances hence the new build option.

I have a mortgage agreed already with a bank but this was before I decided to go help to buy.

The flat I like is 335k

My three questions are:

1. Can I put down A deposit much larger than the 5% essentially something like 150k
2. Will my mortgage offer be transferable?
3. Since there doesn't seem to be any calculators out there that include larger deposits (they all assume you will be paying the minimum) does anyone know what the likely repayments will be?

P.S I earn just under 30k.

Many thanks for any help.

kingstreet

Yes. Min deposit is 5% and min mortgage is 25%, so a 55% deposit and a 20% HTB Equity Loan is possible.

Offer transferable to what?

The Government's HTB calculator allows you to enter the deposit you have and will show read against the minimum mortgage box if you exceed it.

The monthly payments will be determined by the product, term and amount you borrow. Why not speak to an independent broker experienced in newbuild if you need more information?

dimbo61

Are you buying in London ?
20% help to buy loan outside London and 40% in London.
Now with a 20% help to buy loan of £67,000 and your £120,000 deposit you would still have a Mortgage of £148,000 which is nearly 5X your income plus stamp duty and other costs to buy !
If you are buying in London then you can have a 40% HTB loan
However how are you going to pay a big mortgage and the HTB loan in 5 years time ?

AdamWilks

Hello Both,

Thank you for the quick replies, seriously appreciated, I am buying in London, Norwood Junction to be precise.

Also I undersold my deposit to be modest, its actually 150,000, hence the (+) I have a mortgage agreed with Halifax for just over 100k, I thought it would work like this:

Gov Loan 25% = £83,750
Halifax Loan = £105,000
Deposit= £150,000

Basically covering all my costs or do I have this wildly wrong? to cover the costs to pay back my loan I would have another means of doing that, but if it came to it I could sell.