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  • FIRST POST
    • Hilly1990
    • By Hilly1990 20th Oct 19, 2:03 PM
    • 22Posts
    • 12Thanks
    Hilly1990
    First Time Buyer - Equity Loan
    • #1
    • 20th Oct 19, 2:03 PM
    First Time Buyer - Equity Loan 20th Oct 19 at 2:03 PM
    Hi Guys

    Just a quick question - hopefully it makes sense!

    Looking at the Equity Loan. For example, looking at a 200k property, the government pays the 20%, meaning I be needing a mortgage of 150k if I pay a 5% deposit of 10k.
    When looking at mortgage comparison sites, should I be putting in that I am looking to borrow the whole 200k or should it be 150k, this is just so I can get a rough estimate of the monthly mortgage. Because if I put its a 200k property and that I only require a 150k I obviously get much better rates, just wondering if this was correct or not.
Page 1
    • haras_nosirrah
    • By haras_nosirrah 20th Oct 19, 2:13 PM
    • 2,053 Posts
    • 3,281 Thanks
    haras_nosirrah
    • #2
    • 20th Oct 19, 2:13 PM
    • #2
    • 20th Oct 19, 2:13 PM
    Yes on help to buy the equity loan is part of your deposit so you have access to 25% deposit rates.

    You need to make sure you also pass the government help to buy calculator
    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.
    • amnblog
    • By amnblog 20th Oct 19, 5:43 PM
    • 11,344 Posts
    • 4,575 Thanks
    amnblog
    • #3
    • 20th Oct 19, 5:43 PM
    • #3
    • 20th Oct 19, 5:43 PM
    Don’t waste your time with comparison sites.

    You need to use a Mortgage Broker for a Help to Buy case or you will end up in a mess.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • Hilly1990
    • By Hilly1990 20th Oct 19, 6:42 PM
    • 22 Posts
    • 12 Thanks
    Hilly1990
    • #4
    • 20th Oct 19, 6:42 PM
    • #4
    • 20th Oct 19, 6:42 PM
    Yea I will be doing - wouldn't trust myself sorting it! Just wanted to get a rough estimate of a morgage
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