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First Time Buyer Mortgage 5.5x income (22% more!) Help to Buy Alternative // Helping Hand Mortgage

Alex Kerr - Mortgage Chain Ltd 3 views

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I don’t really get the point of this scheme You’ll be taking out a larger loan amount leading to greater mortgage repayments so how is this going to help people? 😅 brbrAm I missing something? Like if I’m on 43k and what a 240k property and use the standard 45x multiplier I’ll be given a loan up to £193,070 with mortgage repayments being £1128-£1284 So clearly if I wanted to purchase the property using a 5 (or 10) deposit it wouldn’t be possible brbrBut if it’s 55x it would be £236,500 with a monthly mortgage payment of 1381-1494 thereby making a 5 deposit possible brbrBeing on 43k and paying around 1300 each month as a minimum seems far too expensive and so even if one is eligible through the 55x multiplier he’ll still likely be in financial difficulty Of course everyone spends differently and has different outgoings but I think for the most part it would be a struggle brbrCan you or anyone offer some insight? I used this link to draw comparisons between the standard 45x and 55x mortgage repaymentsbrbr wwwnationwidecouk/mortgages/mortgage-calculators/borrowing-calculator/
Comment from : @MrCwalkerify1

Is this Heping hand scheme still available??
Comment from : @namratagurung2627

Great quality improvement in the video Thanks for the information
Comment from : @olyboient8732

It says up to 95 mortgage? So they accept 5 deposit now?
Comment from : @whitneymoore7351

Is the interest rate on this product the same as the advertised 194 for the 5 year fixed rate mortgage that they advertise on their website?
Comment from : @Smallfrysessions

Thank you so much for the information I would like to ask question Iam not resident of Uk Can I buy the house or not ? It’s been two year Iam in Uk but my wife came from Nepal as skilled worker as staff nurse as band 5 on 30/03/2021 It’s been 8 month in Uk I do have 65000 pound on account Iam working as senior carer assistant in care home We can buy the house in Uk or not
Comment from : @subashacharya4765

Hi Alex, thanks for the Video Can you please make a video as well about the Deposit unlock
Comment from : @mattgallardo

Hi Alex I am following your vlog I just want to ask if you don't mind I bought a house and I am in a 5 yr fixed term I am planning to remortgage if in 2 yrs time before my term ends How much you think is the penalty please? Thanks
Comment from : @foleyfamily3298

One negative is that Nationwide has limited 55x mortagages I hope it doesn't run out soooon!
Comment from : @chubbyBunny94

Can you use this on Right To Buy property? thanks for the video!
Comment from : @Casper-tz9ev

I’m using this to buy my first property 1 year ago I probably wouldn’t have needed the helping hand but house prices are crazy now !
Comment from : @torivantine6770

Would would happen if for a joint application one person was eligible and the other was not? Eg 1 person full time employed and the other self-employed? Would the mortgage offer be a hybrid of the 55x rate and the standard offering?
Comment from : @thomasstokes4555

Barclays Premier have offered 55X salary borrowing, you just have to qualify for premier first I wouldn’t feel comfortable borrowing that much personally, stretching the borrowing as far as it will go doesn’t sit right with me
Comment from : @Holdeenio

Hey Alex are they many places to get a 5 x salary mortgage?
Comment from : @jackharg4496

Does this work with ? help to buy Isa or life time Isa or forces help to buy ?
Comment from : @jdub7273

The pros sounds good too!
Comment from : @deejejey9712

Except for the Con!!!!
Comment from : @deejejey9712

Alex this sounds really good !!!!
Comment from : @deejejey9712

Thanks forbrThis, I was actually banking on using this nationwide deal as I earn around the 44K mark, HOWEVER I am A Sub contractor, I wasn’t aware this was not possible being self employed! Totally criminal considering I’ve been with the samebrCompany for 7 years working 5 days aswel all year round,
Comment from : @millwallfan06