Help To Buy - should I?

StephanieW

Sammyd159 said:

HTB is useful if there is no other option. 

HTB is quite restrictive, I would consider if carefully if you really don't NEED it.

It also restricts you on remortgaging to a different lender, extending the term of your mortgage and borrowing more. 
You do risk paying them back more so the 5 years isn't technically 'free' and also involves more hassle to 
A) get it in the first place (they have stricter requirements on borrowing than the banks do) 
When you want to sell/pay it off/change anything 


We did it, but only because we wanted to get in to our own place sooner and only had the 5%. 
With 15% i'd definitely not bother and get a 85% mortgage. 

sal_III

There is no question about it - if you can afford the property without the HTB equity loan - DON'T use it. It's only useful if you can't afford the deposit or the mortgage without it.

It's interests free fro 5 years. It's not free for 5 years, at the very least you will have to pay £100s in admin and RICS valuation fees when you decide to repay it. At worst your property value would have risen and you will end up paying back much more that you would have if borrowed via mortgage.

kingstreet

In England it's 10% to 20% in 1% increments, so you can have 14% or 17% if you wish. Subsequent purchasers take care. If your anticipated legal completion date is after 31 December 2020, you may have a problem and should speak to your developer.

chanz4

costs around 2k to just pay it off, in surveys, h2b fees and solicitors fees

Crashy_Time

jimmyjammy001 said:

https://www.telegraph.co.uk/property/buy/government-has-hooked-us-toxic-help-buy-shared-ownership-needs2/


Interesting truthful Read if you were having any doubts

Yes, the scheme is just there to protect banks from a property crash and pump up developers profits, not sure it will help much now though with the virus fallout and No Deal Brexit looming?