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Help to buy? Single mum needing advice
bethanyr17x
Posts: 7 Forumite
Hi all
Ihave a £145k deposit. I can borrow up to 100k potentially, at a monthly payment of £315. Ideally I want to keep my mortgage below £200 a month though.
I’ve seen three properties
Property 1 is a small detached with a large housing developer at a purchase price of £275k. I would receive a deposit contribution of £10k and my mortgage would roughly be £215, however I’d need the help to buy to purchase this property. The idea of this bothers me as I’m a single mum and I’m worried about repaying the help to buy back. I intend to stay in the property for around 5-8 years, maybe longer, I’m not sure where life will take me but this property is a postcode I like. I don’t want to remortgage in the future, eating in to the £145k deposit I’ve put down. This property is the first property on the development so the developer will be building for another 4-5 years and right opposite me it’s likely a primary school will be built. The garden is small, and slopes but the property is on a corner, so only one neighbour! And I like the house itself.
Second property is a semi detached. A nice small developer on a cul-de-sac of about 30 houses. It’s £250k. My mortgage would be about £180 a month using the help to buy. Again, it’s in the same postcode as the above so my intentions would be to stay for around 5 years onwards. The development will be complete by early next year and there are no maintainece fees with this property either. However, it is near a lot of pylons. They’re not visible but I know they are there. Again, to pay back the help to buy I wouldn’t want to remortgage. I could potentially purchase this property without help to buy however I don’t want to pay £315 a month. I love the layout of this house and the garden is private!
Third property is a 9 year old mid terrace in an area near my family, but not an area I favour. It’s nice. Ready to move in to. The room sizes and facilities are the same as the two new builds I’ve mentioned above and the purchase price is £185k. It has a nice garden, although is heavily overlooked, backing on to a circle of lots of other gardens but there are no maintainece fees. No pylons! However I know with this property I’d be itching to move, or well, I may not. But the schools aren’t as good in this area, although they’re meant to be up and coming. There’d be no help to buy. The thing that puts me off slightly is that I’m moving from a semi to a terrace and would have two people attached to me! I’d be a little worried about noise but I’d feel more financially secure.
Has anyone had help to buy that can shed some light?
I really don’t know which property to go for. Please help. I really have no one to chat about with this. I really want to make the right decision and give my son the best memories.
I just want to know what my options would be with the help to buy in the future without handing over the equity from my deposit, as this money is a gift from my grandma so I want to treasure that and hopefully one day give it back to her. I don’t want to be in a position where I’m really happy in my house either and feel I need to move because of the help to buy scheme and needing to pay it back.
Thanks x
Ihave a £145k deposit. I can borrow up to 100k potentially, at a monthly payment of £315. Ideally I want to keep my mortgage below £200 a month though.
I’ve seen three properties
Property 1 is a small detached with a large housing developer at a purchase price of £275k. I would receive a deposit contribution of £10k and my mortgage would roughly be £215, however I’d need the help to buy to purchase this property. The idea of this bothers me as I’m a single mum and I’m worried about repaying the help to buy back. I intend to stay in the property for around 5-8 years, maybe longer, I’m not sure where life will take me but this property is a postcode I like. I don’t want to remortgage in the future, eating in to the £145k deposit I’ve put down. This property is the first property on the development so the developer will be building for another 4-5 years and right opposite me it’s likely a primary school will be built. The garden is small, and slopes but the property is on a corner, so only one neighbour! And I like the house itself.
Second property is a semi detached. A nice small developer on a cul-de-sac of about 30 houses. It’s £250k. My mortgage would be about £180 a month using the help to buy. Again, it’s in the same postcode as the above so my intentions would be to stay for around 5 years onwards. The development will be complete by early next year and there are no maintainece fees with this property either. However, it is near a lot of pylons. They’re not visible but I know they are there. Again, to pay back the help to buy I wouldn’t want to remortgage. I could potentially purchase this property without help to buy however I don’t want to pay £315 a month. I love the layout of this house and the garden is private!
Third property is a 9 year old mid terrace in an area near my family, but not an area I favour. It’s nice. Ready to move in to. The room sizes and facilities are the same as the two new builds I’ve mentioned above and the purchase price is £185k. It has a nice garden, although is heavily overlooked, backing on to a circle of lots of other gardens but there are no maintainece fees. No pylons! However I know with this property I’d be itching to move, or well, I may not. But the schools aren’t as good in this area, although they’re meant to be up and coming. There’d be no help to buy. The thing that puts me off slightly is that I’m moving from a semi to a terrace and would have two people attached to me! I’d be a little worried about noise but I’d feel more financially secure.
Has anyone had help to buy that can shed some light?
I really don’t know which property to go for. Please help. I really have no one to chat about with this. I really want to make the right decision and give my son the best memories.
I just want to know what my options would be with the help to buy in the future without handing over the equity from my deposit, as this money is a gift from my grandma so I want to treasure that and hopefully one day give it back to her. I don’t want to be in a position where I’m really happy in my house either and feel I need to move because of the help to buy scheme and needing to pay it back.
Thanks x
0
Comments
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Can I ask how old you are ?0
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27 xDensol said:Can I ask how old you are ?0 -
I'd go for the property that I loved being in the most. I went from living in a town that I hated to moving to village that I loved, and there really is no feeling to me like being at home.0
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If you aren't intending to remortgage to pay back the H2B, how do you expect to pay it back? Are you going to be able to save a lump sum to pay it back?
The H2B is essentially an interest-free 5 year loan towards which you pay £1 a month during that 5 years. After the 5 years you are required to pay the interest on a monthly basis. During this time you can pay back the H2B loan in chunks or in its entirety.
I would suggest you go for the property that you want the most, this is going to be your home for years, get the one you want.0 -
What bothers you about pylons you can't see? Because that's the only negative you've listed about house 2.
I've no idea why you are even considering house 3, you clearly don't like it or want to live there!!0
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