Jump to content

AjitSingh213

Members
  • Posts

    12
  • Joined

  • Last visited

Recent Profile Visitors

The recent visitors block is disabled and is not being shown to other users.

AjitSingh213's Achievements

Member

Member (3/5)

0

Reputation

  1. Hi @MikeSharp01thanks for your reply! So, you would go through your standard mortgage process through Buildstore for example, build the house and then get the help to build which pays off the 20% for example, leaving your deposit as 5% which then brings the monthly payments down? What do you think about it?
  2. @SteamyTeaI think if there is a drop in house prices, then the government would pick that up, but find it unlikely that the amount you have to pay back will go below what you borrowed. Just doesn't make a lot of sense to me but trying to see if there are any major benefits which I am missing!
  3. Hi All, The Help to Build equity loan scheme launched today with Darlington BS being the first lender to offer it. Does anyone else see any benefit in doing it because it is linked to the value of the house not how much you borrow? The help to buy was structured similarly and has been reported as a 'nice little earner' for the government because house prices have been going up. I understand that there are benefits in terms of being able to put a 5% deposit down and not pay interest for 5 years but long term I see the help to build as being even worse than help to buy? I think it is the reason for it being worse is because self builders create value by building a house. Even one of the examples in the guide it shows that you borrow £70k and on day 1 you have to pay £100k back because on day 1 once the house has been built it is worth significantly more than the cost. Then over time, as the house value goes up, that £100k that you have to pay back goes up in line with the value of the house. Granted the scheme works in the same way if house prices go down but the trend for house prices over the last 50 yrs is that they have gone up, quite significantly in recent times. Does anyone else have any similar views? Thanks!
  4. Agree with everyone here. Understand there are some benefits, but I am not sure why anyone would go for this help to build scheme as you will, in most circumstances be creating value and so the loan increases in line with that value? Linking it to value just means you pay back a chunk more plus the interest and repayments from y5 onwards.
  5. Cool, not long to go, that would be amazing! Should I drop you a PM to organise? Or a text or email?
  6. @PeterStarck Thank you! @willbish Hi! Interesting, how far are you through your project?
  7. Hi All! Just signed up to BuildHub as we are in the early phases of our self build project and thought it would be good to talk to other self builders and join the community. To provide a bit of context I am looking to do a self-build with my partner, we are both living at home with my parents to save up enough money which we have now, but we are both first time buyers. We are looking to build a flat pack/kit home and are currently searching for land in Bristol. We have identified plots of land and have had them assessed at a high level by the kit house companies, planning consultants and architects (and carried out our own assessments) to ascertain whether the plot is feasible to build on. We have just sent letters to the land owners expressing our interest in purchasing so fingers crossed someone comes back saying they are interested in selling! They are mainly large garden plots. The main thing that we are probably looking for support, advice and guidance on, is searching for and securing land, so if anyone has some tips and tricks, please get in touch! Thanks Ajit
×
×
  • Create New...