Homebuy direct - advice please

cocomonkey_2

Hello all,

We have just been assessed and approved for the Homebuy direct scheme. We are at the higher end of the earnings threshold so have been told we will probably only get the 80% to 20 % ratio - which is fine. Is the earnings threshold of £60k basic salary does anybody know? I get an annual bonus which isn't guaranteed at all - will this class as earnings or is it basic salary only that matters for eligibility?

Also we have the mortgage adviser coming to sort our mortgage app for us and he wants last three bank statements - is this to prove access to savings? Our savings for the deposit are in another account and am worried we may get rejected or something.

Any advice about the process I can expect would be much appreciated - getting very stressed about the whole thing already as have heart set on a house we have reserved.

Cheers
Coco

VIGILANT22

Re bank accounts, this shows the lender several things, your salary mandated to yr account, no unauthorised o/draft (o/draft is ok if authorised) ...evidence affordability against disposable income....

I heard recently of a lender identifying a "gambling" problem on bank statements and refusing the loan.....but that is extreme!!

Don't worry about the deposit not showing on yr main statements, just take a print off of yr account, so you have it if requested.......

You may find the link below helpful...Don't be afraid to ask yr adviser questions, make sure you have their email address so if you think of a question after they have gone you can email them...good luck

http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/HomeBuyingSchemes/DG_171504

Muhasib

It's to do with all the reasons that Vigilant22 says; just be glad its only 3 months that they want to see as it could be 12 months they could ask for; the Homebuy Agent can also see the statements and check where any standing orders are going to and ask about the source of any credits paid in from other accounts. They may also ask for a larger deposit if they see evidence you have funds available.