Help to by ending early?

[350zStee]

Good afternoon fellow PH'ers.

My girlfriend and I are looking to get on to the property market, and it would be a great help to use the HTB scheme. We have seen two houses that are not due to be built until December that we are interested in.

We have contacted our mortgage advisor, who has just sent the following in his latest email -

'A HEADS UP THOUGH – We’ve had confirmation today that Help to Buy only have £22 million left in funding, which will last around 10 days, so best to act quickly if the purchase feels right for you.'

Has anyone else heard of this? Or is he trying to rush us into committing?

I have searched news sites, Google etc with no articles regarding this.

Many thanks,
Stephen

[Burgmeister]

It's nonsense. Get a new broker.

[Sarnie]

350zStee said:

Good afternoon fellow PH'ers.

My girlfriend and I are looking to get on to the property market, and it would be a great help to use the HTB scheme. We have seen two houses that are not due to be built until December that we are interested in.

We have contacted our mortgage advisor, who has just sent the following in his latest email -

'A HEADS UP THOUGH – We’ve had confirmation today that Help to Buy only have £22 million left in funding, which will last around 10 days, so best to act quickly if the purchase feels right for you.'

Has anyone else heard of this? Or is he trying to rush us into committing?

I have searched news sites, Google etc with no articles regarding this.

Many thanks,
Stephen

Ask him who the confirmation is from.......maybe he means a specific lender only has £22m of allocated funds left rather than the entire HTB scheme?

[BoostMonkey]

As others have said that's crap.

[Brite spark]

Scottish htb runs out of money

http://www.bbc.co.uk/news/uk-scotland-28331541

[MajorProblem]

Speaking from experience the last place I'd want to live is on a new build estate. Regardless of how desperate I was to move out.

Anyways, what would happen then if you bought your new house with HTB and then the value on sale a few years later was 20% less that purchase?

[Sarnie]

MajorProblem said:

Speaking from experience the last place I'd want to live is on a new build estate. Regardless of how desperate I was to move out.

Anyways, what would happen then if you bought your new house with HTB and then the value on sale a few years later was 20% less that purchase?

Then what you owe the government has decreased by 20% also.......it's an 'equity' loan....

[MajorProblem]

That's good then. Obviously if house price goes up then the reverse applies?

[Sarnie]

MajorProblem said:

That's good then. Obviously if house price goes up then the reverse applies?

Yep, thats what the government are hedging their bets on.........

[350zStee]

I went for the house, and my mortgage was approved yesterday, as was my HTB.

The issue is I have still to sign my missives...here's hoping things are still going ahead.

Edited by 350zStee on Wednesday 16th July 23:34