Help to Buy Ending

stclair

I'm looking to buy my 1st home in 2024, I'm currently saving as much as I can for my deposit.

Me and my OH have a joint income of 54K, as the help to buy scheme is ending is there any other options? or will I just to need to save a ridiculous amount for a deposit.

By the end of 2023 I estimate we would have a 20K deposit available.

K_S

stclair said:

I'm looking to buy my 1st home in 2024, I'm currently saving as much as I can for my deposit.

Me and my OH have a joint income of 54K, as the help to buy scheme is ending is there any other options? or will I just to need to save a ridiculous amount for a deposit.

By the end of 2023 I estimate we would have a 20K deposit available.

@stclair Afaik, there aren't any plans to replace H2B however currently there are plenty of 95% LTV (some that will allow up to 5.5x borrowing at 95% LTV) mortgage products as well as non-HTB equity loan schemes (albeit much more expensive than H2B) for buyers with 5% deposits.

If you had a 20k deposit available today, your limiting factor would probably be the income multiple (limiting you to a maximum loan size of around 295k) rather than the deposit.

The above is based on today's market.

dimbo61

Have you looked at LISA,s 
You and your OH save £4,000 each and the government tops it up with £1,000.
So £8K becomes £10K

stclair

K_S said:

stclair said:

I'm looking to buy my 1st home in 2024, I'm currently saving as much as I can for my deposit.

Me and my OH have a joint income of 54K, as the help to buy scheme is ending is there any other options? or will I just to need to save a ridiculous amount for a deposit.

By the end of 2023 I estimate we would have a 20K deposit available.

@stclair Afaik, there aren't any plans to replace H2B however currently there are plenty of 95% LTV (some that will allow up to 5.5x borrowing at 95% LTV) mortgage products as well as non-HTB equity loan schemes (albeit much more expensive than H2B) for buyers with 5% deposits.

If you had a 20k deposit available today, your limiting factor would probably be the income multiple (limiting you to a maximum loan size of around 295k) rather than the deposit.

The above is based on today's market.

Thank you very helpful.  We aren't planning on buying until the start of 2024 so we may be able to save more than the 20K I just don't know what's going to crop up between now and then. Mine and my OH income would have possibly increased by 5% ish each at least by the end of 2023.  My OH has a lot of defaults 7 satisfied defaults will drop off in mind 2023. Then leaving 4 satisfied defaults from 2018. So hopefully that will give us a better chance.

stclair

dimbo61 said:

Have you looked at LISA,s 
You and your OH save £4,000 each and the government tops it up with £1,000.
So £8K becomes £10K

I have a help to buy ISA and my OH has a LISA,  I was too old to open a LISA :-(

K_S

stclair said:

K_S said:

stclair said:

I'm looking to buy my 1st home in 2024, I'm currently saving as much as I can for my deposit.

Me and my OH have a joint income of 54K, as the help to buy scheme is ending is there any other options? or will I just to need to save a ridiculous amount for a deposit.

By the end of 2023 I estimate we would have a 20K deposit available.

@stclair Afaik, there aren't any plans to replace H2B however currently there are plenty of 95% LTV (some that will allow up to 5.5x borrowing at 95% LTV) mortgage products as well as non-HTB equity loan schemes (albeit much more expensive than H2B) for buyers with 5% deposits.

If you had a 20k deposit available today, your limiting factor would probably be the income multiple (limiting you to a maximum loan size of around 295k) rather than the deposit.

The above is based on today's market.

Thank you very helpful.  We aren't planning on buying until the start of 2024 so we may be able to save more than the 20K I just don't know what's going to crop up between now and then. Mine and my OH income would have possibly increased by 5% ish each at least by the end of 2023.  My OH has a lot of defaults 7 satisfied defaults will drop off in mind 2023. Then leaving 4 satisfied defaults from 2018. So hopefully that will give us a better chance.

@stclair 4 defaults on the report probably mean that you won't qualify for the mainstream 5.5x products at 95% LTV, but depending on the details you should still have options at 95% LTV at mainstream-ish or specialist rates.

If you're only planning to apply after all the defaults drop off and the credit history is otherwise clean, then you can disregard the above.

stclair

K_S said:

stclair said:

K_S said:

stclair said:

I'm looking to buy my 1st home in 2024, I'm currently saving as much as I can for my deposit.

Me and my OH have a joint income of 54K, as the help to buy scheme is ending is there any other options? or will I just to need to save a ridiculous amount for a deposit.

By the end of 2023 I estimate we would have a 20K deposit available.

@stclair Afaik, there aren't any plans to replace H2B however currently there are plenty of 95% LTV (some that will allow up to 5.5x borrowing at 95% LTV) mortgage products as well as non-HTB equity loan schemes (albeit much more expensive than H2B) for buyers with 5% deposits.

If you had a 20k deposit available today, your limiting factor would probably be the income multiple (limiting you to a maximum loan size of around 295k) rather than the deposit.

The above is based on today's market.

Thank you very helpful.  We aren't planning on buying until the start of 2024 so we may be able to save more than the 20K I just don't know what's going to crop up between now and then. Mine and my OH income would have possibly increased by 5% ish each at least by the end of 2023.  My OH has a lot of defaults 7 satisfied defaults will drop off in mind 2023. Then leaving 4 satisfied defaults from 2018. So hopefully that will give us a better chance.

@stclair 4 defaults on the report probably mean that you won't qualify for the mainstream 5.5x products at 95% LTV, but depending on the details you should still have options at 95% LTV at mainstream-ish or specialist rates.

If you're only planning to apply after all the defaults drop off and the credit history is otherwise clean, then you can disregard the above.

Buy the time of applying in January 2024 the defaults will be over 5 years old so hopefully they wont pose too much of an issue.