Government help to buy scheme

UniGoose

Hi everyone,

From my understanding, if you have never owned a property before, and you are purchasing a new home, you can use the government help to buy scheme. As long as you have a 5% deposit for the property saved up, the government will lend you a further 20% making it 25%.

I have three questions - what is the highest deposit I can put towards the house while still being able to lend 20% from the government ?

If I was to purchase a property with a friend or partner who has also never owned a property could we in theory both lend 20% from the government to put towards the house, making it a 40% government ended deposit ? (Along with our own saved up deposit)

Third question - does the income that my parents make affect this scheme for me? If they earn combined over 100k a year let’s say?

Thanks!

Goose

G_M

UniGoose wrote: »

I have three questions - what is the highest deposit I can put towards the house while still being able to lend 20% from the government ?

If I was to purchase a property with a friend or partner who has also never owned a property could we in theory both lend 20% from the government to put towards the house, making it a 40% government ended deposit ? (Along with our own saved up deposit)

Third question - does the income that my parents make affect this scheme for me? If they earn combined over 100k a year let’s say?

Thanks!

Goose

1) no need to give the gov anything. They lend to you.

2) No

3) in what way are your parents involved? Are you a minor? Are they buying jointly with you? Or what?

aries_163

You don!!!8217;t need to be a first time buyer to use the HTB equity loan scheme. You must just not own any other property and fit the affordability criteria.

No you apply for one equity loan against the house. 2 people can jointly apply but you can only apply for 20%.

Your parents income is not relevant unless they are buying with you?