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First time buyer advice - Taylor Wimpey new build house


Jay M1988

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Why would you consider getting HTB when you've got enough for a 20% mortgage? I would absolutely be putting the biggest deposit i could into the purchase, and getting it over the shortest number of years possible... i.e. if you can get your mortgage over 20 years rather than 25 then you'll be saving 10's of thousands in the long run.

 

I third this.

 

No idea why you'd want to entertain the HTB scheme or a 95% mortgage at all when you have 30k deposit, the rates Will be so much better at 80% LTV :)

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Interest rates are also crazy cheap at moment, even 5 year fixed are now under 2%. As someone mentioned above get a 20 year rather than 25 years, add in overpayments and by the end of the 5 year term you will have cleared a massive part of the mortgage.

 

Unless you can guarantee a better return else where putting your money into property isn't a bad idea.

Edited by gangzoom
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80% looks achievable, the meeting went very well with the bank last night and we are well within budget. Happy days guys can now go do some more digging on this property and take it from their. All going well the deposit will be down next month when the plots released.

 

She mentioned to hit the 3400 marker to get it over the 20% for the int rate and based it off the 80% and we couldn't have been happier it allowed us to shave 5 year off it

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As has been mentioned, avoid HTB and get as big a deposit as you can. I'm also always amazed with the house prices up north.

 

Regarding new builds - TW are a 4 star builder, so should be pretty good. Not like Persimmon or any of those shocking ones.

 

As for what you can get, it does vary massively - if there is a stock plot that they can't shift, there will be flooring, grass, appliances, stamp duty, legal fees, £5k John Lewis vouchers, moving costs and all sorts thrown in. As you're buying off plan, with a long wait, I suspect you'll be lucky to get much of that at all - can't hurt to ask for something extra though.

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