Hello all,
I am looking to ask a few questions about the UK Government help to buy scheme.
I want to know if I am thinking about this right.
so for example we have a house we're looking at for £370,000
The help to buy scheme says that we need the 5% deposit which is about £18,500.
Now all we'd need is the 75% mortgage provided that the government gives us the full 20% equity loan?
So what then happens to that equity loan? We're paying off the mortgage to the bank or wherever we get the mortgage from, are we expected to pay back that equity loan? Or is it a fact of the equity loan being their "cut" of the house, so it's their property too?
I just find that it's not overly well explained on the website and it's left me confused.
Thanks, PF!
Submitted July 04, 2017 at 07:06AM by SkemoKyle http://ift.tt/2tcEdes
