Keyworker mortgage

polardesign

It all depends on the company giving the mortgage and possible deposit

chatty123

hi polardesign. My son has just purchased a brand new aprt using the home buy direct. took 8 working days to hear back that they would pay the 30% deposit. then 7 weeks from that date until he signed the contract and moved in.
you can re buy back the 30% within the 5 years as per your wage increases allow.

And no the 30% was his deposit

sgh1976

Kavanne wrote: »

I was under the impression you needed EXCELLENT credit for these schemes

Mine was far from excellant which included a ccj (which after the mortgage application was approved was removed from my file because it wasn't a debt i own and Equifax deleted it). RBS gave us a DIP then said no when it came to the full application. Halifax then gave us a mortgage

sgh1976

polardesign wrote: »

So can you confirm with the home buyer direct scheme, you don't need a deposit?

Obviously having completed my IVA it will still be difficult to get a mortgage

The HBD % = your deposit.

Best thing to do is get down to a site that is on the scheme and go and see their IFA. For the whole process to start you need a DIP as that is sent off with your HBD application form.

polardesign

chatty123 wrote: »

hi polardesign. My son has just purchased a brand new aprt using the home buy direct. took 8 working days to hear back that they would pay the 30% deposit. then 7 weeks from that date until he signed the contract and moved in.
you can re buy back the 30% within the 5 years as per your wage increases allow.

And no the 30% was his deposit

Did you son have 30% Deposit..

chatty123

polardesign wrote: »

Did you son have 30% Deposit..[/QUO

I have PM'd you

misslander69

I was looking into a key worker scheme and to be honest it was a nightmare. Most banks and building societies will not lend on these schemes. We went through the mortgage process with First direct and after 8 weeks they informed us I could have a mortgage but not on an affordable housing property.

The only banks/BS we have found to do the scheme are Halifax and Principality.

Muhasib

chatty123 wrote: »

hi polardesign. My son has just purchased a brand new aprt using the home buy direct. took 8 working days to hear back that they would pay the 30% deposit. then 7 weeks from that date until he signed the contract and moved in.
you can re buy back the 30% within the 5 years as per your wage increases allow.

And no the 30% was his deposit

Was there any issue with the mortgage valuation on the apartment? - just asking as obviously any difference to the asking price would be a lot more critical to the figures on HBD transactions and I understand lenders are looking sceptically at new apartments when calculating valuations at present. thanks

sgh1976

muhasib wrote: »

Was there any issue with the mortgage valuation on the apartment? - just asking as obviously any difference to the asking price would be a lot more critical to the figures on HBD transactions and I understand lenders are looking sceptically at new apartments when calculating valuations at present. thanks

The house I am buying was valued by Persimmon at £134950
The valuation done by the Halifax was valued at £134950

chatty123

muhasib wrote: »

Was there any issue with the mortgage valuation on the apartment? - just asking as obviously any difference to the asking price would be a lot more critical to the figures on HBD transactions and I understand lenders are looking sceptically at new apartments when calculating valuations at present. thanks

no as the aprt was brand new and had just been reduced by the developer by £15,000