First time buyer without Help to Buy

Preface12

After having read all the pros and cons of the HTB Equity loan, we are seriously thinking the option of going without the HTB option. Just wondering if anyone has gone down this route and what are the important things for us to note or bear in mind. Thank you

MovingForwards

All the equity, over the outstanding mortgage is yours.
You can look at old builds and new builds.

Preface12

Thanks for your reply. The 10 yrs warranty on newbuild is very tempting but we've noticed some older houses way cheaper than newbuild with some really reasonable size. We have to weigh everything the best we can. 

haras_n0sirrah

If you have enough for 10% deposit plus fees go open market.
Help to buy works for people who have a 5% deposit and are happy for new build only. If you can afford the open market that would be the best way to go 

chillicheesedog

We thought about a new build but there were a few things that put us off, mostly the price, they seem to be quite pricey in our area. Then there are the extra costs of flooring, turf, kitchen cabinets etc. 
Then the thought of having the loan to pay back on top of the mortgage didn't sit right with me. The size was also an issue, they all seem quite small. 
Meanwhile we have a decent deposit so happy not having to use HTB. However completely brand new house is very tempting.

MovingForwards

Preface12 said:

Thanks for your reply. The 10 yrs warranty on newbuild is very tempting but we've noticed some older houses way cheaper than newbuild with some really reasonable size. We have to weigh everything the best we can. 

My home is about 110 years old. The view I took is if it's still standing after a period of time, it's not going anywhere.

At some point I will change the original pipework, get a new bathroom fitted, have it rewired etc, for now a few coats of paint on the things that are really not to my taste and a room is more homely for me.

For now, I am living in it, saving up, doing bits, planning and working out ideas, knowing it's mine.

The good thing about non-new build properties is the prices are better, the rooms are bigger, sound-proofing tends to be better, see through how people have decorated and furnished and potentially there's one heck of a gem behind it. 

smc103

I've never been interested in help to buy and think they're a con to make property developers rich. They tend to be poorly built and overpriced and they know they will sell because it's so hard for first time buyers to get on the ladder. I also think they're difficult to sell in a few years because the sort of people who would be interested can probably get a better deal on the next new build estate that would have popped up. The market is saturated and it's only going to get worse. If you can afford it then go for the rest of the market. 

Preface12

Very good advice from all. Thank you very much. When we started our mortgage journey I had very little knowledge about HTB.. I was just excited about the money being borrowed by the banks but reading further just got scary. We will be looking in the open market for sure. 

Preface12

So we did an affordability check on a potential property(newbuild) we were told because of the current situation we will have to come up with 50% deposit which is a lot. Everything is so uncertain.