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Can small ‘developers’ use help to buy?
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Mrsjy
Posts: 15 Forumite
Hi
I’ve been renting my house for 8 years and we are looking for a property to buy. We need to use help to buy because we have adverse credit if we didn’t use HTB then we would have to pay 25-30% deposit which we don’t have.
I’ve been renting my house for 8 years and we are looking for a property to buy. We need to use help to buy because we have adverse credit if we didn’t use HTB then we would have to pay 25-30% deposit which we don’t have.
We live on a little cul de sac which we love and theres a bit of land that someone has bought and is going to be building 2 semi-detached houses. We’ve looked at the plans etc and they look perfect but theres the issue of help to buy. Ive asked the guy building them if he can use help to buy and hes not very clued up on it and said if he could he would but hes no idea how it works. I wondered if anyone knows how hard/easy is it for such a small ‘developer’ to get funding for help to buy? I know he has built houses and rented them before but I don’t believe hes sold any before this.
Thank you
😊
Thank you
😊
0
Comments
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Are you sure you would need a 25-30% deposit? Your adverse would need to be pretty bad and recent to need that size deposit.
https://www.helptobuyagent1.org.uk/information-for-property-developers/I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
Its pretty bad 😞 As of March we won’t have any defaults within the last 2 years but quite a few over 2 years old. 1 ccj which is 2 years old. We spent the last half of last year clearing the balances of the defaults and ccj.
Thank you0 -
Probably more like a 20% deposit then, but things are improving all the time at the minute so it could be 15% by the time March comes. Appreciate that is still a lot more than the 5% HTB though.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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HTB is FTB only from 16/12/2020 with price caps across England. Developers can register with Homes England.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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