First Time Buyer Needing Advice

Just rang an IFA called Acumen and told them the scenario re the home builder putting up 5% deposit on the purchase price, they told me we would also need to have 5% deposit aswell...... yet the home builder sales women said that wouldnt be the case :-s odd !!!! I am waiting for them to call me back with some rough payments based on information given to them.
 
I am no expert but vendor gifted deposit schemes usually require you to at least match the gift. Depending on who your lender is I would imagine there are a whole host of other conditions as well, especially on new builRAB.

I think you would be best talking to someone reputable - not an estate agents or house builder, perhaps a bank or building society and get some proper advice.
 
Think thats probably best yes as im getting conflicting stories.

Home builder says this newbuy scheme 95% mortgage is fine, they can pay the 5% deposit but IFA says no we still need to stump up 5%.

Will try get some advice from the bank
 
its called deposit match - You are effectively putting 10% down as most lenders require 10% deposit minimum

Why do you not want to do the homebuy scheme? To me it seems like the obvious choice.

On the current homebuy scheme you would need a 5% deposit then a 75% mortgage. The benifit of this is the interest rates are calulated on a loan to value basis. So with a 75% mortgage the rates will be much better than a 95% mortgage.

Our mortgage is £300pm on a £115k apartment (70% mortgage)
 
deposit match i understand, But there is a NewBuy scheme which is a 95% mortgage with only a 5% deposit. So the fact that the developer is stumping up 5%, i assumed we would not need to stump up anything.

Homebuy is that the one via plumlife? well it is up here i think anyway. The only thing with that is what about the remaining 20%

If its not paid back in 5 years interest starts to be added on doesnt it?
 
You pay nothing for 5 years then after that you start paying interest. However, it will not be extortionate rate.
Generally after 5 years you would remortgage for the full amount (including 20%). Or you would sell your apartment and give them there 20% back.
 
Re that scheme the women i spoke to today said based ob a 75% mortgage interest after 5 years would be approx 36 a month on top of a 500 pm mortgage payment. In comparison to a 90/95% scheme where mortgage payments were between 640 and 700
 
RegarRAB the type of house it is, we saw several 'coach houses' in eastbourne when we were looking, i really liked the idea, can have your music/cinema super loud and no neigrabroadours to annoy, my only issue is they are like detached flats, in that you may need to pay annual maintenance charges if its leasehold, also gardens are usually small if there at all. Being above garages is no big deal.

The best part in moving is the looking and house hunting, great fun, all gets boring again when you eventually move in and the first bill arrives lol
 
Luckily its freehold so no maintenance fees etc. I too like the idea of no neigrabroadours to annoy etc. I see ppls point of the garages etc an noise but surely its no diff to ut neigrabroadour drilling his wall or stuff like that. Suppose everyone has diff views
 
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