Me and my wife have been looking for a mortgage for new homes in London with Help to Buy Equity Loan with a 5% deposit.
I have been in IT contracting for 9 months, while my wife is PAYE employee.
After long discussions with Mortgage advisors this is what I have concluded.
The only 2 Lenders that offer Help to Buy Equity Loan on new homes are
1. Halifax who currently have a borrowing limit £250,000 for Help To Buy new builds for contractors. Its impossible to buy a house in outskirts of London in this cost.
2. Newbury Building Society possibly do more than that, but the biggest issue is they only do mortgages outside the London M25 area as I understand from Contractor Money.
Why dont we have any lenders for contractors in London Area who would want to also use the 20% Help to Buy Equity for new homes. This must be shattering plans of many contractors. Do advise if there are any Lenders\Advisors which would help.
Thanks, Kunal
I have been in IT contracting for 9 months, while my wife is PAYE employee.
After long discussions with Mortgage advisors this is what I have concluded.
The only 2 Lenders that offer Help to Buy Equity Loan on new homes are
1. Halifax who currently have a borrowing limit £250,000 for Help To Buy new builds for contractors. Its impossible to buy a house in outskirts of London in this cost.
2. Newbury Building Society possibly do more than that, but the biggest issue is they only do mortgages outside the London M25 area as I understand from Contractor Money.
Why dont we have any lenders for contractors in London Area who would want to also use the 20% Help to Buy Equity for new homes. This must be shattering plans of many contractors. Do advise if there are any Lenders\Advisors which would help.
Thanks, Kunal
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