Hello!
Anyone done the help to buy in London??
Basically we have 30k saved - want to stay in our area - property prices are crazy (London)
we are living in a lovely rented apartment for £1300 a month - saving about £1k a month between us in the Lifetime ISA!
We want to buy fairly soon - like next year as we are keen to start a family asap! Getting kind of stressed looking at what we can afford - with 30k we basically can only get something worth about 300k - not a lot on offer for that price and anything that is available is a tiny 1 bed - not ideal with a baby!!
Shared ownership and help to buy are options that could work for us - am leaning towards the help to buy equity loan from the gov rather than shared ownership (monthly repayments higher on the shared ownership and bugs me that you are still paying a fairly high rent on the percentage you do not own!)
help to buy is a hefty enough loan to be getting off the gov - but it would mean we can get a 2bed in a nice new build -monthly repayments are about 900£ which is £400 less than we pay now - so we could overpay the mortgage / save up towards paying back the equity loan!
London is not forever for us we will likely be moving back to Ireland by the time 1st child starts school -so we could just sell up before the interest starts being charged on the loan - the other option is to re-mortgage at that point and borrow more / release equity to pay back the gov as well!
Buying right out is just not really looking viable for a long time and its holding us back from starting a family!
Anyone any success stories of the help to buy?? it's got a lot of a bad press - but I can see the positives!!
right now we are paying 1300 to someone elses mortgage - thats £15,600 a year - so over 5 years we would have paid in 78k towards owning our own property !!
Would just love some peoples opinions / real life experiences!
THANKS x
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Help to buy London!
34 replies
uokhun25 · 13/08/2019 12:13
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