Help to buy what is the process

vincefoster45

So I just talked with my bank advisor about help to buy and the process it takes and said most u can invest is £1000 and there is no minimum deposit and until November when it expires

so my question is what is the process involved as am not working and claiming £300 on universal credit and am currently volunteering so what should I do

HOW much should I start off with or how much should I put in to begin with since I don't get any UC till May

G_M

https://www.helptobuy.gov.uk/

vincefoster45

do u need to be working as am on UC on£300 a month plus what would be the recommended amount to start of with

AdrianC

I'm sorry to be blunt, but if you're not working and are on UC, I'm not sure "buying a house" is a particularly realistic goal. Don't tie the little money you do have up towards it.

vincefoster45

why not, I volunteer for a charity and help it bring income in, why should I work as 300 a month should be enough to save up for a house as I live with parents and am 29

other people my age have a house/car/kids/family/married so why cant

I will do it and see what happens, I mean If I don't have enough money then I will get free money or someone else will give it to me

why should I work

00ec25

vincefoster45 wrote: »

why should I work

indeed why, especially when :spam: is so much more tasty

DrSpendLittle

Okay, to buy a house as a first time buyer, you'll need a deposit (say £5,000 - £10,000 for a £100,000 house) and approx. £2,000 - £4,000 extra to pay for the fees associated with buying the house and moving in. You'll also need some money for furniture, white goods etc etc (budget about £3,000).

The Government's 'Help To Buy' scheme provides some assistance, but it supplements your own deposit, it doesn't replace it. Have a look at the link the other poster has provided. There are other schemes, like shared ownership, that support those in low income onto the property ladder.

So, first things first, how much do you think you can save each month to build your deposit?

Second, how much do you want to spend buying a house?

Third, how long will it take you to build a 5% deposit and save for the fees?

If you can save more money each month, you will be in your new home quicker.

One final point, most mortgage lenders will require you to have a job or be self employed. You need a regular income to demonstrate you will be able to make the mortgage payments. I very much doubt UC will be considered a regular income, since it is means tested and subject to changes in circumstance.

Good luck with whatever you choose to do.

DrSpendLittle

Oh! You reported it as spam!! I was trying to be nice

00ec25

DrSpendLittle wrote: »

Oh! You reported it as spam!! I was trying to be nice

i did no such thing

Finchy2018

Sorry, what? The most you can put in is £1000? To buy a property? Where?

Finchy2018

Oh wait, a help to buy isa? Can you afford to put any money into savings on £300 a month? And if so, you still need to be able to get approved for a mortgage and I'm not sure on 300 that would be possible. Unless you plan on changing jobs to a more significantly paid role.