Forces Help to Buy & tax implications
Comments
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luke_bristol wrote: »I'm also looking to use this scheme, I've provided all the details to the mortgage adviser at halifax and not heard a whisper :mad:
Very frustrating, as I have found the house I want to buy and want to get everything in place come April the 1st so I can get started straight away, don't want the house selling in the meantime
Have you heard anything back? We got our mortgage offer today, after our mortgage advisor applied yesterday.0 -
Thanks. We've contacted Forces Financial and waiting to hear back from them. There seems to be very little info around, in one breath we are told most places will run with the scheme and in the next it's only a select few.0
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Just found a load of info on jsp464 if that helps anyone
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All I have seen in JSP 464 is promises! I have sent the entire chapter on the FHTB scheme to the mortgage adviser at the halifax but not even received acknowledgment of the email0
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i am currently trying to get an 85% mortgage from Barclays and have had the same problem, despite Barclays announcing that they are committed to helping the armed forces get onto the property ladder. it seems bizarre to me that the scheme launches 1st april yet none of the lenders have any information on it. i may loose out on my house because of this, it's so frustrating. i have had to borrow 9 grand from family as no one would give me a mortgage of 90%! i am currently using forces financial but i'm not hopeful as a mortgage advisor from barclays informed me that their head office have had nothing informing them of the scheme.0
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There is a new leaflet out from the Chief Of Defence Staff, title The Armed Forces Covenant and You and it mentions that the help to buy scheme is a major part of it and if you any problems you should email them. The email address is on the leaflet.0
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Hi all, just a point from my side on this, me and my partner are due to complete soon and I'm getting the fhtb for 17500. We initially tried Halifax and they refused because of the fhtb, Barclays followed suit so we bypassed the mortgage advisor and went direct to (both of) our bank, HSBC. Although they said we should have no issues the guy we met there was 100% straight with us and said that they were unlikely to accept the fhtb as from the last statistics he saw they had only approved 8 or 9 applications and that is purely so they can advertise that they accept the fhtb.
Additionally I'll add that we are combining the fhtb with the government 20% scheme. HSBC and Barclays are very reluctant to accept either scheme but have to approve some just to show they are 'onboard' with the idea.
Halifax would accept but not with the fhtb involved. Finally our mortgage advisor called natwest and they accepted without hesitation the application, the offer was approved and now we're just waiting to exchange the contracts.
My one bit of advice would be not to inform the bank of your intention to use fhtb, your solicitor will be the one who deals with jpac and they'll be issued the money prior to exchange of contracts.0 -
My one bit of advice would be not to inform the bank of your intention to use fhtb, your solicitor will be the one who deals with jpac and they'll be issued the money prior to exchange of contracts.
Under the new affordability criteria/questionnaire system that means you will have to lie about the any other debts/future commitments bit or when they ask how are you funding the rest of the cost0 -
My one bit of advice would be not to inform the bank of your intention to use fhtb, your solicitor will be the one who deals with jpac and they'll be issued the money prior to exchange of contracts.
Don't do this. The solicitor/conveyance is legally obliged to inform the lender where your money is coming from and when they find out they may well pull the mortgage offer leaving you to start again on the mortgage process.
Right now it is taking anything from 2 weeks to 12 weeks to get a mortgage offer so you will just waste everyone's time.
It is ALWAYS better to be honest with your mortgage advisor from the outset otherwise they will be looking down the wrong avenue for you.
Also there are immense amounts of work involved with arranging a mortgage for a client now, not just the 2/3 hours that you see the mortgage consultant but several hours investigation and administration before and after signing your application forms.
I know how frustrating it is for you because my husband is serving. Just make sure you see a good mortgage broker that knows their eggs.Grab life by the balls before it grabs you by the neck.0 -
I have just completed on a house with a mortgage for First Direct. When I initially applied, use of FHTB scheme was rejected, they advised that they don't take part in Government Help to Buy.
I then rang a second time and said I was taking a 19000 interest free advance of pay from my employer which was payable over 10 years out of my wages and did not give my employer any charge over the property. This was accepted no problem!!
I think the MOD have really shot themselves in the foot by calling the scheme Help to Buy.0
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