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Help to Buy - can you borrow less than 20%?
FirstTimeBuyer94
Posts: 1 Newbie
My partner and I will need a help to buy equity loan to purchase our first house this year.
My question is - do we have to borrow the full 20%?
For example, if we put a deposit down of 8%, can we get an equity loan 17%? Or does it always have to be the full 20?
I can't find the answer anywhere.
My question is - do we have to borrow the full 20%?
For example, if we put a deposit down of 8%, can we get an equity loan 17%? Or does it always have to be the full 20?
I can't find the answer anywhere.
0
Comments
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I looked into doing this recently.
All of the information including what is on https://www.helptobuy.gov.uk/equity-loan/equity-loans/ indicates you can take an equity loan of any amount up to 20%.
My understanding after a lot of research is that your mortgage plus your deposit must equal at least 80% of the property purchase price. So if you want to pay more yourself in cash or get a bigger mortgage then you can and your equity loan makes up the shortfall.0
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