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Sell my flat and Help to Buy?
I'm wondering if I should sell this and use the new Help to Buy to purchase a new build flat in London?
What are people's thoughts on this?
Thanks!
Comments
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Personally I would not purchase a new build, because they tend to lose value after you've bought them
I would also avoid using "help to buy", unless it was my only option due to being unable to afford the deposit on a conventional mortgage. The government gets a share of your house through the equity loan, and when you come to pay off the equity loan, there are additional conveyancing fees/admin fees to pay, on top of any increase in value on the government's stake.
Best to buy on a standard mortgage if possible.1 -
Also just to add to this, isn't the new HtB scheme for FTB's only? By the time you got yours sold and got to completion on a new build it's likely you'd come under the new scheme now.0
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The value of the government's share fluctuates up and down with the market. It's not a bad deal - 5 years interest free.0
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