Help to buy scheme in london

(8 Posts)
wrigglesandnerves Fri 29-Jul-16 19:52:38

I think it is this scheme at least but if someone could clarify for me please.
DP is buying his first home. He says he can get 40% of the price of the home if he buys within london, and 20% outside of london using a scheme (help to buy?). He's also just announced that he thinks you can only buy brand new properties (i.e. ones not built yet) with this scheme. He's never mentioned this rule before and I personally think he's lying because he doesn't want to admit that his dad wants him to buy brand new even though it's not within budget...
Does anyone know what scheme i am talking about, what's it's name, and where can I find the rules so I know how much he can get, what the budget really is and sort us out before we have to leave our rented accomodation and he ends up homeless. Many thanks.

Globetrotter100 Fri 29-Jul-16 19:58:50

www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/12016433/Autumn-Statement-2015-London-Help-to-Buy-mortgage-scheme-explained.html

This might help. Best of luck.

sall74 Sat 30-Jul-16 06:58:12

Quite simple to explain really, it's a scheme designed to help builders to SELL overpriced new builds and keep the property bubble inflated whilst getting FTBers into even more debt ensuring they have to spend the rest of their lives being obedient little debt slave worker drones.

Globetrotter100 Sat 30-Jul-16 07:34:20

Sall74 nailed it smile

FruitCider Sat 30-Jul-16 07:54:03

I wouldn't do it. After 5 years the interest on the loan is crippling, it can double your mortgage payments!

Flippertygib Sat 30-Jul-16 12:14:37

Sall74 completely agree.

TurquoiseDress Sat 30-Jul-16 13:42:39

Hi OP

I posted about the London help to buy scheme a few weeks ago, had found a development in SE London/Kent where new build 2 bed flats were on for nearly half a million!

You could search for thread, I'll try to dig it out.

Have to say I agree with all the above comments!

We are trying to buy the conventional way with mortgage & deposit.

Seems like Help to buy will get us a newer, shinier home but the financial implications are v concerning!

MsVTired Sat 30-Jul-16 13:47:17

Agree with the above, I'm trying to save a deposit and hopefully get a mortgage. Though I think it will take many years!

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