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  • FIRST POST
    • dannyrst
    • By dannyrst 20th Apr 17, 6:23 PM
    • 1,375Posts
    • 703Thanks
    dannyrst
    Help to Buy
    • #1
    • 20th Apr 17, 6:23 PM
    Help to Buy 20th Apr 17 at 6:23 PM
    Has anyone gone through help to buy, where government lend you 20% to add to your 5%? Specifically with Redrow? On the application it asks for the sellers conveyancer, do you just put Redrow?

    There is also a section asking for earnings and outgoings, which isn't a required section. Do they ask for this afterwards anyway if you leave it blank?

    Thanks.
Page 1
    • dannyrst
    • By dannyrst 20th Apr 17, 6:25 PM
    • 1,375 Posts
    • 703 Thanks
    dannyrst
    • #2
    • 20th Apr 17, 6:25 PM
    • #2
    • 20th Apr 17, 6:25 PM
    I should add that I asked redrow and they said they have their own legal team?!
    • kingstreet
    • By kingstreet 20th Apr 17, 7:34 PM
    • 31,324 Posts
    • 16,735 Thanks
    kingstreet
    • #3
    • 20th Apr 17, 7:34 PM
    • #3
    • 20th Apr 17, 7:34 PM
    The PIF has to be fully completed and the information therein must match the HTB Affordability calculator. If you try to submit it without income data it will be rejected immediately.

    It is normal for the developer or your mortgage broker to complete the PIF and submit the PIF & Res to the HTB Agent.
    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.
    • dannyrst
    • By dannyrst 21st Apr 17, 8:40 AM
    • 1,375 Posts
    • 703 Thanks
    dannyrst
    • #4
    • 21st Apr 17, 8:40 AM
    • #4
    • 21st Apr 17, 8:40 AM
    I don't get why you can submit the application without that info then if they'll just reject it. Other sections are required before you can progress. Weird.
    • kingstreet
    • By kingstreet 21st Apr 17, 9:05 AM
    • 31,324 Posts
    • 16,735 Thanks
    kingstreet
    • #5
    • 21st Apr 17, 9:05 AM
    • #5
    • 21st Apr 17, 9:05 AM
    How can the HTB Agent confirm affordability if you don't provide the income data? The entire form has to be fully completed and any area where no data will be entered is to be marked N/A.

    I've got PIFSs for Orbit, Radian and BPHA in front of me and none suggest any section of the form(s) can be ignored. FWIW BPHA's has an asterisk against mandatory items and every one on the form is mandatory.

    The HTB Agents are some of the most nitpicky pedantic outfits I've ever come across and I work with mortgage lenders!!

    BTW all the information required for the property/solicitor section should be on the reservation.
    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.
    • dannyrst
    • By dannyrst 21st Apr 17, 5:16 PM
    • 1,375 Posts
    • 703 Thanks
    dannyrst
    • #6
    • 21st Apr 17, 5:16 PM
    • #6
    • 21st Apr 17, 5:16 PM
    I'm only saying what I can see. This is the first time Ive done any of this...

    I'm not sure why HTB need to approve my affordability if the lender is doing that already? But if that's the process then obviously I'll follow it.

    Thanks for the help!
    • kingstreet
    • By kingstreet 21st Apr 17, 5:34 PM
    • 31,324 Posts
    • 16,735 Thanks
    kingstreet
    • #7
    • 21st Apr 17, 5:34 PM
    • #7
    • 21st Apr 17, 5:34 PM
    You have to satisfy the Government's affordability calculator (HTB AC) which can be found on many HTB Agents' websites and you also need to satisfy your lender's affordability requirements.

    This (HTB AC) calculator uses max 4.5 x income, max 45% debt to income and uses a mortgage rate of 4.8% when many lenders will actually lend more.

    You need to work from the lowest output of the two to ensure you will qualify for the required HTB equity loan amount and mortgage amount. It's worth knowing many lenders accept child benefit and child tax credits. The HTB AC doesn't!

    Hopefully, you will view this as helpful information coming from someone who has submitted hundreds of HTB PIF/Res forms & HTB ACs to different HTB Agents in the four years HTB has been around.

    I'm trying to help you avoid the frustrations repeatedly reported on here from incomplete/"unaffordable" PIFs. They will take their allowed four working days to tell you what is wrong, then take another four working days to report your next amendment.
    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.
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