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Help to buy deposits
amaranthus
Posts: 52 Forumite
I have a help to buy related question that I don't know the answer to, wonder if anyone might know.
I'm looking to buy my first property some time in the next 12 months, and want to do it via the help to buy equity loan scheme. I'm planning on using that time to save up a 5% deposit, then get the 75% mortgage (and 20% equity loan). It led me to thinking, though - would banks provide an 80% mortgage from which the 5% deposit could then be taken? Don't know if things work that way!
I'm looking to buy my first property some time in the next 12 months, and want to do it via the help to buy equity loan scheme. I'm planning on using that time to save up a 5% deposit, then get the 75% mortgage (and 20% equity loan). It led me to thinking, though - would banks provide an 80% mortgage from which the 5% deposit could then be taken? Don't know if things work that way!
0
Comments
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No.
The entire scheme is based on you coming up with a minimum 5% of the gross purchase price.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 -
Easy answer, then. Thank you!0
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