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Help to Buy Equity Loan - To loan or not to loan?!

SAM.TOMLIN
Posts: 1 Newbie
Hi all so this is my first thread here and was hoping for some advice. My partner and I are looking into buying a new home in the next year or so, and we are beginning to look at our options. The HTB scheme looked appealing however I had worried that having to hand back the 20% when we sell up will just put us in the same position we are in now, or is that the gable with taking out this scheme?
Ju\st hoping to hear some ideas and opinions on the scheme as we need to know if its right for us, or to just keep saving and do the traditional (yet forever unobtainable) 10% deposit.
Cheers!
Ju\st hoping to hear some ideas and opinions on the scheme as we need to know if its right for us, or to just keep saving and do the traditional (yet forever unobtainable) 10% deposit.
Cheers!
0
Comments
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The downside of the HTB scheme is that you have to buy a new property. The risk is that these properties have inflated price tags just because the developers know you can get HTB. So you may be paying over the odds. You may be trying to sell at a time when a lot of other people are also selling and you will be competing against new HTB developments. Your future buyer won’t be able to use HTB so you will have a harder time selling as you are putting against older style homes that are often larger.
Upside is that you only need a small deposit and can benefit from the 20% loan for free for 5 years.I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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