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Help to Buy Changes
amyrae
Posts: 1 Newbie
Hi all,
I am looking for some advice with my current situation. I own an apartment, with a help to buy equity loan currently in place. My partner and I are looking to utilise the H2B Equity Loan before it changes in March 2021.
Our current plan is to sell the apartment and move home (to save money, plus the new build we have eyes on is not even up for reservation yet), and reserve the plot we have our eyes on when it is available. However, we have just been told this plot isn't due for completion until April/May 2021. From going through this process once before, I know that the H2B 'Authority to Proceed' and the exchanging of contracts will happen likely August/September 2020.
I am concerned that as it will complete after the H2B cut off (we are not first time buyers so would not qualify for the scheme when it changes) we will not be able to have the H2B? In which case, we couldn't afford the house - and i do not wish to sell the apartment to discover this to be the case once it's too late (I own, he doesn't, and we are both in jobs that have pay scales based on service years, and low down on them. We cannot afford the cost of the house at present, but in less than 5 years time can easily staircase to pay off the help to buy meaning we can have our family home now, and not pay the interest either).
Can anyone shed any light?
Thank you!
I am looking for some advice with my current situation. I own an apartment, with a help to buy equity loan currently in place. My partner and I are looking to utilise the H2B Equity Loan before it changes in March 2021.
Our current plan is to sell the apartment and move home (to save money, plus the new build we have eyes on is not even up for reservation yet), and reserve the plot we have our eyes on when it is available. However, we have just been told this plot isn't due for completion until April/May 2021. From going through this process once before, I know that the H2B 'Authority to Proceed' and the exchanging of contracts will happen likely August/September 2020.
I am concerned that as it will complete after the H2B cut off (we are not first time buyers so would not qualify for the scheme when it changes) we will not be able to have the H2B? In which case, we couldn't afford the house - and i do not wish to sell the apartment to discover this to be the case once it's too late (I own, he doesn't, and we are both in jobs that have pay scales based on service years, and low down on them. We cannot afford the cost of the house at present, but in less than 5 years time can easily staircase to pay off the help to buy meaning we can have our family home now, and not pay the interest either).
Can anyone shed any light?
Thank you!
0
Comments
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I suspect it will be reservations/property information forms submitted from April 2021 (2021/22) which will fall under the new regime.
Call your area HTB Agent and ask them if 2020/21 ATPs will continue to be honoured on completions after April '21 when exchange of contracts took place earlier?
https://www.helptobuy.gov.uk/equity-loan/find-helptobuy-agent/
TBH I can't possibly see how/why they wouldn't, but horse's mouth and all that...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
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