SAVE TO BUY FOR FIRST TIME BUYERS - EXPLANATION & BREAKDOWN

A save to buy scheme for first time buyers has just been launch. This video will take you through everything you need to know as first time buyers about the save to buy scheme.

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*None of this is meant to be construed as investment advice, it's for entertainment purposes only. The video is accurate as of the posting date but may not be accurate in the future.

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[conversationofmoney]

Some thoughts - I think this is a great scheme to help first time buyers. The 1% initial amount needed is great and all your rent payments going to build your deposit is a great idea. There are potentially some big drawbacks if rents and valuations are inflated because of the supply vs demand equation. My advise, ask a lot of questions and think pragmatically all the way.

[ADRTV]

Right so but question if the market was to shift not in your direction for e.g you start the scheme at £350k pay 24k plus 1% deposit all in all you’ve payed off 27.5k leaving 322.5k now let’s say the market gose down and now the house is only worth 310k are you out of pocket of dose the company have to match the market like it works in a shared ownership scheme or and you basically starting the morgage in a negative equity???

[ednafernandesyi]

Thank you for sharing this. Great information will look into it.

[ox]

I live in London, so dont care what they charge, its better then london rent. But is help to buy better? Plus i want a house not a flat.

[britannyb]

Just a heads up you need to be on 69k minimum after tax, I’m on £4000 a month and deposit ready and they said I don’t qualify

[omydiddy]

Cheaper deposits are nice but doesn't help when you need a 270k mortgage

[rdworldbig]

1k monthly for a 1 bed in london?! More a miracle than a bargain…

[rdp]

Hi! Got enough for a house in the 400k max range now. Should I get it? Or wait 2-3 yrs?

[Saghstar]

This seems like a good scheme to new buyers but what happens if you’ve been paying rent for 24 months and you get declined for the mortgage and don’t have enough to pay for a mortgage…. Doubt that you’ll get the rent back? So probs a money making scheme