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Mortgage - Borrow more to avail of help to buy

caoimhe_kelly · 2021-02-01 13:15:47

Hi, Would it be worthwhile financially to take out a mortgage of €100k more than required (requirement is 70% LTV minimum) solely to avail of the help to buy scheme and get €30K off the price of the new build? Thinking of paying off a big chunk as soon as possible or switching provider to come back down to a lower rate.…

01-02-2021 1:15pm

#1

caoimhe_kelly

Registered Users, Registered Users 2 Posts: 51 ✭✭

Join Date: February 2021

Posts: 40

Hi,

Would it be worthwhile financially to take out a mortgage of €100k more than required (requirement is 70% LTV minimum) solely to avail of the help to buy scheme and get €30K off the price of the new build?

Thinking of paying off a big chunk as soon as possible or switching provider to come back down to a lower rate. I'm not sure are there financial penalties or how early it would be possible to do this.

Thank you

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