We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Help to Buy
Options
albion22
Posts: 41 Forumite
Hi,
Can anyone help as the Government website is not particularly helpful in my situation.
Having lived in Asia for almost 19 years I plan to return to the UK. As you would imagine getting any kind of mortgage from a traditional lender would be quite difficult. However I could be in a position to put down an 80% deposit on a chosen new build and would like to know if I could obtain the remaining 20% through the Help to Buy scheme. The government website seems to indicate that I need to take out a mortgage as well but it is not clearly explained.
Can anyone help as the Government website is not particularly helpful in my situation.
Having lived in Asia for almost 19 years I plan to return to the UK. As you would imagine getting any kind of mortgage from a traditional lender would be quite difficult. However I could be in a position to put down an 80% deposit on a chosen new build and would like to know if I could obtain the remaining 20% through the Help to Buy scheme. The government website seems to indicate that I need to take out a mortgage as well but it is not clearly explained.
0
Comments
-
No.
With a 20% HTB Equity Loan you must take a 25% mortgage, so the maximum deposit is 55%.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 -
Why don't you buy a house thats 20% cheaper...
0 -
You would be better off returning to the UK and renting for a year while you build up a credit history and find a permanent job.
If you have got a large amount of cash consider an offset mortgage.
This also gives you time to search the area's you are interested in living in.
You are in a strong position if you have a big cash deposit, money for other costs, a mortgage agreed and are renting so you can move quickly once you find the perfect property in the right location.
You will have your mortgage sorted and know your budget with your savings0 -
A couple of lenders will lend to you on day one back in the UK, subject to LTV and credit score.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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.7K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.4K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards