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Can I buy a new build with help to buy?
lowmiles
Posts: 87 Forumite
Hi All,
Currently own a 2 bedroom house estimated at £348K on Zoopla we have a mortgage of £235K. With a child space is becoming in short supply. In the next town from us there is 3 bed new build for £384K, can we use help to buy to make up the shortfall? Has anyone used help to buy as a second stepper as opposed to a first time buyer?
Our current mortgage is a 5 year fix that runs until 2019 so early exit fees could be a problem, do they still apply if we port our mortgage?
many thanks
Currently own a 2 bedroom house estimated at £348K on Zoopla we have a mortgage of £235K. With a child space is becoming in short supply. In the next town from us there is 3 bed new build for £384K, can we use help to buy to make up the shortfall? Has anyone used help to buy as a second stepper as opposed to a first time buyer?
Our current mortgage is a 5 year fix that runs until 2019 so early exit fees could be a problem, do they still apply if we port our mortgage?
many thanks
0
Comments
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My understanding of help to buy is that you cannot be a homeowner to qualify0
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Provided you sell your current home on or before completion of the new purchase, yes, you can use HTB subject to Government HTB affordability.
You may be able to port the rate from your old mortgage to a new HTB mortgage with the same lender, but some lenders don't allow this, so you would need to check. You also need to meet your lender's criteria and affordability requirements.
You will sell your current home and the mortgage will be repaid. Your solicitor will take what's left over, add it to the HTB loan and your new mortgage to make up the purchase price of the newbuild.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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