Please can anyone advise on HELP TO BUY?

[LeilaDarling]

Hi, would really appreciate any advice or experience of the help to buy government scheme (the one where you get a 20% equity loan).
Any info welcome, also specifically do you add on the 20% to what the mortgage lender offers you.
Specially, I earn £40k employed, husband £30k self employed. Purchase price of a new build near us would be approx £430K.
We have the 5% deposit already but are we allowed to put another 5% to it? And finally our current rent is £1600 so would it definitely be cheaper to buy? Many thanks in advance.

Have you looked at the official site? www.helptobuy.gov.uk/equity-loan/equity-loans/

You can also google repayment amounts online, depending on the size of mortgage you want to take out.

we bought a 160k house using it. we had 8k deposit, the loan was for 20% of the purchase price (so was 32k) our total mortgage borrowed was 120k.

hope that helps.

Thank you both for replying.

As far as I'm.aware you can only use help to buy on propertys up to 200k? Maybe I'm wrong but that was my understanding

Do you desperately want a new build? You have a good income and if you already have a deposit why not just buy a cheaper house to start with and then you don't get into the complicated legal situation of help to buy schemes. Given what the government have done with student loans, increasing rates and changing t&c as they like, I wouldn't borrow money from them unless really necessary.