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Help to Buy, quick question
Boredatwrork
Posts: 2,068 Forumite
Hello,
Just a quick question on help to buy, obviously it is well advertised that you can borrow 20% of the house asking price.
Am I right in assuming then that you can potentially borrow anything up to that i.e 3%, 5 % , 10%.
20% of the house we are after comes too 92K, we at the most only want roughly 20K, is this possible to borrow a lesser amount?, or do you have to borrow in set increments (10% or 20% etc). Thanks
Just a quick question on help to buy, obviously it is well advertised that you can borrow 20% of the house asking price.
Am I right in assuming then that you can potentially borrow anything up to that i.e 3%, 5 % , 10%.
20% of the house we are after comes too 92K, we at the most only want roughly 20K, is this possible to borrow a lesser amount?, or do you have to borrow in set increments (10% or 20% etc). Thanks
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Comments
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Nobody knows?
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10% min, 20% max in 1% increments.
So, 11%, 16% etc are fine.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 -
kingstreet wrote: »10% min, 20% max in 1% increments.
So, 11%, 16% etc are fine.
Thanks, is there any online documentation that I can take a look at that shows this.0 -
I did and got 2 different people that didnt have a clue, they just kept quoting the mantra "you can borrow up to 20% of the properties price".
Great if you want to take a loan (in my case for £96000). Terrifying otherwise.0 -
Help To Buy website;-
https://www.helptobuy.gov.uk/equity-loan/equity-loans/
and the HTB Buyer's Guide;-
https://www.helptobuy.gov.uk/wp-content/uploads/Help-to-Buy-Buyers-Guide-Feb-2018-FINAL.pdf
If they aren't listed in there, get a copy of the HTB Affordability Calculator and you can see the options range from equity of 80% to 90% in 1% increments.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 -
It might be worth crunching the number on rates you can get if you take more HTB.
What LTV will you be at if you could only have the £20k you need and if you took the full £97k.
one of the advantages of HTB is getting a loan on 75% LTV HTB rates that are often far better than the 95% non HTB equivalent.0
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