Help to buy - Now or never! How much can I borrow?

Firestarters

DCFC79 wrote: »

Why buy in Birmingham ?

Maybe a flat could be a better option.

Only issue with flipping houses is you could get 1 that looks great but when you/or the trades person you ask to do some work uncovers some other work that needs x amount spent on it which could eat into your profits.

Good question, I live with my mum, she doesn't own the house unfortunately and I think I would feel bad if I was to move out and leave her behind paying the rent on her own, ever since I own a car I've always helped her get about such as work, shopping etc, I mean she could cope on her own as the area we live now is great transport links to the area she works in/shops etc and I could help towards the rent still she's paying if I was to make the move on own.

I looked at areas such as stoke on Trent/Walsall/Smethwick and on a new build 200/250k you do get a lot for your money but if I was to make the move with my mum transport to work would be bit difficult for her, she would no doubt have to relocate if moved to the likes of stoke on Trent she does have around 6 years left however before she can retire..

Then there's those areas where in some parts can be pretty run down, in 10 years time there's always that potential of being in serious neg equity when you've got to take into consideration new builds are 20% overpriced and those parts could do with a major regeneration.

Never been a fan of flats as a form of everyday living if I'm honest.

Yes good point, that's why I think flipping route would really be wise on properties that don't need anything other than simple straight forward modernisation where there's nothing to worry about in re to boiler, rewiring etc that would really eat in profit to be made on the property, of course you don't really know like you say until you start stripping things back.

[Deleted User]

Firestarters wrote: »

I DID!
I was hoping someone who was a mortgage broker on here would come along and say yes because of your deposit they know some specialists lenders who would lend the amount I am after!!

From: https://www.helptobuy.gov.uk/wp-content/uploads/Help-to-Buy-Buyers-Guide-Feb-2018-FINAL.pdf

The Local Help to Buy Agent (see below) will carry out an assessment of an application by a potential Help to Buy buyer to ensure that they are in a position to afford a conventional mortgage for their proposed purchase. This protects tax payers’ investment in the Help to Buy home. Buyers cannot use the scheme if they require a main mortgage more than 4.5 times their household income.

TiberUK

If you aren't even sure that shared ownership is a good idea why are the Help to buy changes important?

[Deleted User]

You don't make money flipping property by simply redecorating. Any money made when you just do that is down to increases in property prices in that location not what you've done. You'd be as well buying somewhere, dining nothing and waiting for the market to increase the property's value. You'll also be looking at commercial lending if it's property development you want to get in to.

Zero_Sum

Is the West Mids that expensive?
Surely you can get a decent 3 bed new build for quite a bit under £200k?
So why are you so hung up on getting a high end house when you clearly cant afford one?

Lungboy

First developer I tried, 2 bed houses starting at £180k in Birmingham.