Anyone successfully used/knows a lot about Help to Buy?

Nat · July 21, 2014, 11:09:57 AM

Whilst I'm in a nice rented place, I really want to own my own place, even if it's tiny.

Has anyone here successfully used the government's Help to Buy scheme, or knows anything about it? I've looked on their website and have fallen at the first hurdle - there are two types and I don't really know what the difference is an what it would mean to me!

Lord Danoir the first · July 21, 2014, 11:14:54 AM

Can't offer any help, just wanted to wave hello

and tell you how pretty you probably look today.

Good luck with the house buying thingy

Andy M · July 21, 2014, 11:56:05 AM

karl might be able to help and give you some ballpark mortgage numbers at same time

Alzo · July 21, 2014, 01:10:18 PM

Best to know your spend power beforehand. You rent so no doubt have a good idea of outlay per month...as far as I can see the schemes are so protracted your Grandkids will have to go and pay your last payment...

Dom1 · July 21, 2014, 01:41:35 PM

Got a couple of contacts from my last housing scheme who may be able to point you in the right direction I'll ask.

Ninjagirl · July 21, 2014, 01:43:44 PM

you need 5% of the deposit. the government loan you the rest for the first 5 years. It is for first time buyers, and any other buyer as long as they don't own another property or are selling theirs. Can't be used for buy to let. After 5 years you need to be able to keep paying the mortgage AND start paying back the loan. KarlV is probably your man.

Nat · July 21, 2014, 01:44:31 PM

Thanks peeps, very kind! My debt will die with me Alzo - no grandkids here!

Alzo · July 21, 2014, 02:06:55 PM

Quote from: Nat on July 21, 2014, 01:44:31 PM
Thanks peeps, very kind! My debt will die with me Alzo - no grandkids here!

Forgive me if my post seemed negative...it was intended as a go at the scheme situation as opposed to your desire to own your own home. I wish you well on that front...and I hope it is many many decades before your debt dies with you.

m6rk · July 21, 2014, 02:09:32 PM

there is a second type of help to buy i was looking it where you put down 5% and the government underwrite the mortgage company 20%, so in effect you have a 95% mortgage with less risk to the lender. However looking at the rates they sucked, but does mean you can get a mortgage if you only have a 5% deposit..