Help to Buy Opinions Wanted

[Fowlersrs]

Looking to here from anyone who's managed to secure a 95% ltv mortgage through an approved lender! who was the lender? If you don't mind saying how much did u borrow, etc...

I realise there are now more checks and the banks are fussy, we are setting up meetings this month with lenders so keen to know on who's good.

[JonB]

Literally just going through the process.

Used a mortgage broker to get us best possible deal. Borrowing £207k through Nationwide for 5 years fixed at 2.99%.
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Be careful whose advice you buy, but, be patient with those who supply it. Advice is a form of nostalgia, dispensing it is a way of fishing the past from the disposal, wiping it off, painting over the ugly parts and recycling it for more than it?s worth.

[Fowlersrs]

[JonB]

Depends whether you are buying a new build property or whether you are talking about the mortgage guarantee?

We are buying new build, putting in 5% deposit and taking a 20% equity loan through help to buy so that we can have a 75% LTV mortgage.
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Be careful whose advice you buy, but, be patient with those who supply it. Advice is a form of nostalgia, dispensing it is a way of fishing the past from the disposal, wiping it off, painting over the ugly parts and recycling it for more than it?s worth.

[Fowlersrs]

Ah my mistake, we are looking at mortgage guarantee as opposed to equity loans on new builds but thanks anyway!

[JonB]

You might not need to go help to buy then. Nationwide provide 95% LTV mortgages. They are about 4.79% for a 4 year fix. There is a tool on their website that will give you an idea of how much they will lend you.
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Be careful whose advice you buy, but, be patient with those who supply it. Advice is a form of nostalgia, dispensing it is a way of fishing the past from the disposal, wiping it off, painting over the ugly parts and recycling it for more than it?s worth.

[dydey90]

I did some sums with the help of money saving expert.

After 9 years you will have paid off 20% equity of your home, so you can pay back the loan.
After 15 years you will have enough to cut loose and put down a deposit on your next home.

So you either have to be able to save up enough to pay off your loan in cash, which is only accepted in lumps of 10% of the value of the house, or you have to be sure you'll be happy with said house for a minimum of 15 years. Also, this is the value at the time of repayment, so that figure increases with the price of the house.

Personally, I'm looking into doing it as it allows me to buy a much bigger and better house with roughly the same monthly repayments as a house I'd be able to afford without, plus I'm expecting my pay to increase by at least £10k in the next five years.
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This post is probably not serious and shouldn't be taken literally.
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