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Even Equity Loan - First time buyer boost
CaptainTumnus
Posts: 1
Newbie
Hi all!
New to the site and need some help. Savings like crazy at the moment and have around 16k, with more in a LISA, and my partner also has a LISA maturing next year. We are looking to boost our deposit to get our first property. We are looking to get atleast 20% deposit down for a 300k property as we are starting our family.
I am gutted I missed out on the government equity loan help to buy scheme. Had a look around and have seen a few private brokers offering similar schemes for first time buyers.
Even is the one that seems most appealing but is it too good to be true? Is this a legit path to boosting a deposit?
Please help! And thank you in advance -
Even Equity Loan | Your Shortcut to Home Ownership
New to the site and need some help. Savings like crazy at the moment and have around 16k, with more in a LISA, and my partner also has a LISA maturing next year. We are looking to boost our deposit to get our first property. We are looking to get atleast 20% deposit down for a 300k property as we are starting our family.
I am gutted I missed out on the government equity loan help to buy scheme. Had a look around and have seen a few private brokers offering similar schemes for first time buyers.
Even is the one that seems most appealing but is it too good to be true? Is this a legit path to boosting a deposit?
Please help! And thank you in advance -
Even Equity Loan | Your Shortcut to Home Ownership
0
Comments
-
Most mortgage lenders do not allow loans to form part of the deposit.
You will have a monthly payment to make which might affect affordability.
They are charging 5% plus a percentage of any profits.
But putting all of that aside, you will have a 20% deposit. Why are you wanting to take out a second charge mortgage (which is what they describe this as) to top up your deposit. Am I missing something?
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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