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Help to buy 2021

Carlharvey Posts: 6 Forumite

2 March 2021 at 6:10PM in House buying, renting & selling

Hi guys I’m after a few opinions on my current situation I am not very finically minded so when it comes to buying a first home I’d like hear other opinions.

me and my partner are ready to buy our first home and our mortgage adviser was really pushing the help to buy new build scheme. So with this in mind we’ve found a 3 bed detached for 246,000 which in term of mortgage repayments we can easily afford. However the cost of the house I can’t really wrap my head around at the minute as we never thought we’d be spending so much on a first home. The second issue is that basically there’s a pre agreed with my family that I can have my grandads home when he’s gone which he’s personally asked me and I would love his house but it would be to a semi detached and at the minute is probably worth around 180/90k. So me and my partner have worked out that when potentially selling up this new build in so many years, after the equity loan is paid back this will leave us with around the same equity as my grandads house. Does this sound like a feasible plan? Am I missing something that I should be wary of? Thanks

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Help to buy 2021

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