New builld?

[eyesclosedtight]

So I am 18 and a teen mum, going to university in September. It is very fare from my house and tbh the rent in the area is very expensive for a decent house, so me and DP (who is in the army) are thinking of potentially buying a new build through one of the companies with a help to buy scheme. This way, the mortgage will be less that the rent we would otherwise be paying.

Anyone have any experiences with this scheme or these houses? Also an recommendation of companies who do this would be great. I like the look of Barratt Homes and Taylor Wimpey.

Have you looked at affordability?

If you are at university, who is looking after your DC?

Will you be working, too?

Just because the rent would be more, doesn't mean that a lender would deem the mortgage affordable.

Shared ownership may be a realistic route (unless you have a big deposit, DP has a high income)

I had a Taylor Wimpey flat and the build quality was fine, good storage etc.

I agree - speak to a mortgage advisor to see if you can get a mortgage. If you can, then it could be a good option. You won't need much deposit to purchase. However, the interest rate is likely to be higher.

Don't forget how Help to buy works. IN 5 years you will have to pay it back either as a one of payment or in monthly instalments BUT as it is equity based it will rise and fall with the value of your home. So if you buy a £200,000 home you will owe £40,000 in 5 years plus the additional rise in equity - assuming house prices rise 3% per year that would be roughly £46,000 and I 'think' the rate is 1.75% so bear that in mind - get your affordability checked with a mortgage advisor. Also- little hint- google 'review Taylor wimpey'