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Help 2 buy scheme


1: If I buy home just on my own with H2B can I fully register my girlfriend and her mum on address? Or there is some restrictions? I don't mean sub letting, we are living together now.
2. Can I match equity loan to my mortgage term (40 years) ?
3. Does paying 10% of equity loan during first 5 year (while interest free) requires valuation every time you want pay 10%?
4. I know minimum deposit is 5% to use this scheme but what about maximum amount? Does it exist? Because I would like to go with 21% ( £91k) as a deposit.
5. Scheme is ending in 9 months. Is there still enough time? What happens if completion is delayed?
Thank you!
Comments
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@hlkns Based on the limited info in your post, I don't think you are eligible to apply for the current version of H2B, because you cannot apply in your sole name (as you are co-habiting with your partner) and you can't apply in joint names as your partner doesn't appear to be an FTB (as per the govt. definition).
If you’re married, in a civil partnership, or cohabiting with your partner (and you plan on continuing to live together), you must make a joint application.You cannot get the equity loan if you have ever: owned a home or residential land in the UK or abroad
I am a Mortgage Adviser - 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.
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2. Above. Yes.
3. Above. It's 10% of the property value being repaid not 10% of the loan.
4. Above. Minimum mortgage is 25% of purchase price, so with a 20% equity loan the maximum deposit would be 55%.
Probably moot based on K_S response but worth it for future readers.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.1 -
@K_S It's so confusing..
Okay, she inherited flat abroad which is worth about £30k. I understand she lost FTB status because of that. But because it's low value she don't have to pay extra stamp duty on second property.
If you declare that you have property abroad what is required to prove it's value?
Thanks0 -
Hlkns said:@K_S It's so confusing..
Okay, she inherited flat abroad which is worth about £30k. I understand she lost FTB status because of that. But because it's low value she don't have to pay extra stamp duty on second property.
If you declare that you have property abroad what is required to prove it's value?
Thanks
Even so, it might be worth getting a valuation/estimate done and filing it so you have to hand.I am a Mortgage Adviser - 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.
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