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Help To Buy - Is it fixed/variable rate?

dmakc · 2021-05-25 16:00:22

Hi - is the H2B scheme fixed rate, or does it come with a variable option? I ask as one of the requirements is a >70% LTV ratio, but if you had 50% of the house value, couldn't you apply for the 70% mortgage, then lump the remaining 20% onto the mortgage straight away anyway? This would circumnavigate the 70% LTV…

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25-05-2021 5:00pm

#1

dmakc

Registered Users Posts: 1,032 ✭✭✭

Join Date: July 2015

Posts: 999

Hi - is the H2B scheme fixed rate, or does it come with a variable option?

I ask as one of the requirements is a >70% LTV ratio, but if you had 50% of the house value, couldn't you apply for the 70% mortgage, then lump the remaining 20% onto the mortgage straight away anyway?

This would circumnavigate the 70% LTV requirement to a 50% one, for example - or am I missing something.

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#2 26-05-2021 9:45am
enrique66_35

Registered Users Posts: 277 ✭✭

Join Date: October 2005

Posts: 264

Depends on whether the mortgage provider would allow you pay a large amount off the mortgage without penalty. Make sure you're budgeting for stamp duty, solicitors fees etc as well and whether that money would be more useful to keep in savings to pay for furniture etc.

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