Help to buy 5% deposit
Discussion
Just a general question really.
Has anybody used the help to buy scheme?
Say I want to purchase a house for £110k.
If I save up £7k would the government lend me £7k to make up the 10% deposit?
Also for the £100k mortgage, how much before tax would need to be earnt to be able to borrow this much?
It would be just me applying for the mortgage.
Bit vague I know I just want a rough idea.
Has anybody used the help to buy scheme?
Say I want to purchase a house for £110k.
If I save up £7k would the government lend me £7k to make up the 10% deposit?
Also for the £100k mortgage, how much before tax would need to be earnt to be able to borrow this much?
It would be just me applying for the mortgage.
Bit vague I know I just want a rough idea.
Sarnie said:
The Government doesn't borrow you 5%, it's just a standard 95% mortgage, with a guarantee in the background provided to the lender from the Government. So, at £110k you are going to need a £5,500 deposit and subsequently a £104,500 mortgage.
It's all a bit of a farce really as there are standard 95% mortgages with lower rates than the HTB 95% products........
Ah ok.It's all a bit of a farce really as there are standard 95% mortgages with lower rates than the HTB 95% products........
I weren't sure there were 95% mortgages available anymore, especially with better rates than the 5% interest rate Natwest are quoting on their site?
It's information i'm gathering as i'll be saving the next 8 months, I hope to be able to put an offer in for an house before Christmas time.
Chris, who is struggling to pay the repayments that you know?
I'll be able to pay repayments, easily. Easily if the interest rates rise to 8-9%. I wouldn't be looking to buy an house otherwise.
Help from the government would help me get into an house upto a year sooner, i'd prefer that.
I'll be able to pay repayments, easily. Easily if the interest rates rise to 8-9%. I wouldn't be looking to buy an house otherwise.
Help from the government would help me get into an house upto a year sooner, i'd prefer that.
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