Help to buy mortgage troubles

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Eamaga
Eamaga Posts: 11 Forumite
in Mortgages & endowments
Hi

Because my wife is on maternity the only verified income the halifax can get for her is 9k off of actual income. So we can get a mortgage but only for a 31 year term. Their policy is that any mortgage with help to buy must be lower mortgage term than the term of the help to buy. And as I understand help to buy is a non negotiable 25 years. Little confused as the halifax man said he had another client with similar story who had help to buy term extended no trouble. So is she lying? And anyone have any ideas of what to do?

Thanks
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  • kingstreet
    kingstreet Posts: 38,765 Forumite
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    Eamaga wrote: »
    Their policy is that any mortgage with help to buy must be lower mortgage term than the term of the help to buy.
    We're newbuild specialists and have been doing mortgages with Halifax and others for more than 25 years since HTB started in April 2013.

    Get independent advice on your options.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • amnblog
    amnblog Posts: 12,443 Forumite
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    As KS says. Whomever you have spoken to has confused you, get some proper advice.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Eamaga
    Eamaga Posts: 11 Forumite
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    Thank you guys. So you think it is doable? I’ll ask my solicitors for help on Monday.
  • amnblog
    amnblog Posts: 12,443 Forumite
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    What has the Mortgage to do with the solicitor?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • FungalCow
    FungalCow Posts: 26 Forumite
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    Also question the fact they are only taking maternity income into account. They have taken full income for my clients in the past. Accompanied by a letter from the client confirming intention to return to work, and details of plans to pay the mortgage until they go back to work
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Eamaga
    Eamaga Posts: 11 Forumite
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    The department in the solicitor firm we are using deal a lot with HTB so thought they’d know the answer.
  • Eamaga
    Eamaga Posts: 11 Forumite
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    What kind of independent advice is there to talk too? Basically have a 31 year mortgage set up, but the halifax mortgage advisor said we need to have a HTB term that matches that.
  • FungalCow
    FungalCow Posts: 26 Forumite
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    They are correct that they need to match. They are wrong that help to buy has to be 25 years
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Eamaga
    Eamaga Posts: 11 Forumite
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    Ok so you trhink I can just call the help to buy scheme and get it extended to the 31 years? Just most of what I read I understood it as a non negotiable 25.
  • FungalCow
    FungalCow Posts: 26 Forumite
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    Either get them to use all your partners income rather than the maternity amount and reduce mortgage to 25 years if that's what you want. Or tell them to increase help to buy paperwork term to 31 years.
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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