Help to buy equity loans and mortgage guarantees.
Help to buy equity loans and mortgage guarantees.
Author
Discussion

rfisher

Original Poster:

5,064 posts

313 months

Wednesday 1st May 2013
quotequote all
Anyone looked into these?

The mortgage guarantees are not available until Jan 2014 but the equity loans should be active now.

5% deposit, 20% equity loan, 75% mortgage.

Why would you not use one (interest free for 5 years)?

Will mortgage lenders honour these for current offers?

Can you get one for joint mortgage applications with a partner if you are not married?

Sarnie

8,373 posts

239 months

Wednesday 1st May 2013
quotequote all
Equity loans are only available on new build properties from specific builders and the mortgages are only via a couple of lenders and criteria is very strict. If the value of your property goes up, so will the amount you have to repay back to the government.



rfisher

Original Poster:

5,064 posts

313 months

Thursday 2nd May 2013
quotequote all
Hi Sarnie.

Any details on the mortgage guarantee proposal?

Open to any purchase with 5% deposit.

Ta.

Sarnie

8,373 posts

239 months

Thursday 2nd May 2013
quotequote all
The mortgage guarantee's aren't available till January 2014 and there hasn't been much info released about them. They will be available for new and old properties up to £600k.

Essential what happens is the lender can claim back from the government any losses they suffer from having to repossess the house from you having given you a 95% mortgage.