Help to buy

namderk

Morning

me and my hubby are looking at doing the help to buy scheme on a new build. However we still can’t borrow enough on a mortgage. Does anyone know if we can have a 3 way mortgage with a parent and still do the help to buy scheme?

thanks

Caz3121

does the parent already own a property? are they going to be living with you?

Comms69

namderk said:

Morning

me and my hubby are looking at doing the help to buy scheme on a new build. However we still can’t borrow enough on a mortgage. Does anyone know if we can have a 3 way mortgage with a parent and still do the help to buy scheme?

thanks

Why are you even considering buying a property that is so clearly unaffordable???

Vestraun

Maybe post some numbers such as the price, your incomes and deposit and we can give you better advice. 

csgohan4

mortgage length would be affected by the oldest applicant, factor potential stamp duties if parent already has a house, and this is before the old adage of not mixing money and family

clear here you cannot afford the house and you may end with negative equity if you somehow manage to buy

[Deleted User]

If your parents are married and EITHER own another property, that cannot be a party to a help to buy. 

Further the extra stamp duty of +3% on top of usual rates would apply

Help to buy are often highly inflated, due to the HTB scheme and the greedy builder and Gov adding on a premium PLUS the new build premium which is lost as soon as you move in as it become second hand. 

Add on the financial situation with the pandemic, Id be running screaming for the hills as negative equity is just round the corner with a 5% deposit. 

I noticed a lot of mortgage companies are not offering HTB, shared ownership or new build mortgages right now. Also mostly low LTV and not taking into account bonus, overtime and commission. 

This is defo not the time to buy an unaffordable property 

Tiglet2

Could your parents gift you the extra money needed?  

bucksbloke

Looking at the Help to Buy application form - it definitely is not created for more than two purchasers. Not sure you can do the Help to Buy scheme if it is not your intention to live in the property, and you definitely cannot do it if you own another property (unless you are selling that property as part of the purchase - its a condition the solicitor has to ensure you agree to). 

graphs

You cant afford it. Think again