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Lavender94
Posts: 3 Newbie
Hi I'm new to this site....
I want to sell my home( a 3yr old new build with existing help to buy). I am in need of an extra bedroom so would be looking at buying another new build with help to buy. I have 80 -100k equity left after clearing the help to buy so should have a good deposit. My questions are;
1) can I take out a second help to buy ( the first one will be cleared on the sale of the house)?
2) What happens re the upfront deposit that builders like to have on exchange if deposit is in the equity from my house?
Thanks for advice, I've been told to sell and rent but my mortgage advisor thinks that we can move without this as deposit comes up the chain?
Bit confused
I want to sell my home( a 3yr old new build with existing help to buy). I am in need of an extra bedroom so would be looking at buying another new build with help to buy. I have 80 -100k equity left after clearing the help to buy so should have a good deposit. My questions are;
1) can I take out a second help to buy ( the first one will be cleared on the sale of the house)?
2) What happens re the upfront deposit that builders like to have on exchange if deposit is in the equity from my house?
Thanks for advice, I've been told to sell and rent but my mortgage advisor thinks that we can move without this as deposit comes up the chain?
Bit confused
0
Comments
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I thought help to buy was for First Time buyers, so presumably not?
I paid the reservation fee with credit card and that went towards the deposit on exchange.0 -
The help to buy equity loan can be used h anyone who does not own another property at the same time. So if you pay back the help to buy on your first home, you can then take out another on the new house.
You won't be eligible for some other help to buy initiatives - isa etc.0 -
1. Yes.
2. Your buyer's deposit will pass up the chain.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.0
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