Mortgage rate 4.3 percent and Halifax mortgage

kinh

Hello so I'm in the process of removing one single default that is on my credit file that has been resulted in me getting declined for a mortgage.

Anyway, new buy agents said the rate will be fixed term of 4.3% for two years is this good?

5% deposit 20% government loan
House value 150,000

Furthermore the default should completely drop off tommorrow or within a week. The agent I spoke to said Halifax might still see the default as they update their systems once a month? Is this the case?

Also is there any other banks that are participating in the help to buy scheme? Many thanks

hamster2013

depends on the LTV of what you are purchasing
4.3% is not a great deal in current market - which is much more competitive and i have seen great rate ads in news papers and other media.

do an online search and see for yourself.

kinh

hamster2013 wrote: »

depends on the LTV of what you are purchasing
4.3% is not a great deal in current market - which is much more competitive and i have seen great rate ads in news papers and other media.

do an online search and see for yourself.

It's a 75ltv

5% deposit 20% government loan
House value 150,000

kingstreet

The "new buy agent" told you 4.3%?

Who is the new buy agent?

You need to be talking to the mortgage broker who is representing you. You seem to have this all ways up at the moment.

Have you actually sat down and gone through the process with someone who knows what they are talking about?

Is English a second language? Are you having communication problems? I'd expect you to be talking to someone about the process, not relying on faceless logins on here.

Halifax has two affordable housing products for HTB. One is at 3.19% fixed for two years with a £999 fee, the other is at 3.59% also fixed for two years, with no fee. Both offer the stamp duty payment incentive if you are a first time buyer and your purchase price is between £125k and £250k.

kingstreet

This is very unusual.

Normally, before a builder takes a reservation, they have a potential purchaser talk to their mortgage broker and obtain a decision in principle, so they are sure of the mortgage.

For HTB, the reservation and PIF have to be submitted to the HCA Homebuy Agent, and the broker's details have to be on there.

Have the forms been submitted yet? Where are you and which HomeBuy agent covers your area? Orbit? Catalyst? There are midlands/east and south east.

No-one is taking control of the process here and that's what I find strangest.

kinh

kingstreet wrote: »

This is very unusual.

Normally, before a builder takes a reservation, they have a potential purchaser talk to their mortgage broker and obtain a decision in principle, so they are sure of the mortgage.

For HTB, the reservation and PIF have to be submitted to the HCA Homebuy Agent, and the broker's details have to be on there.

Have the forms been submitted yet? Where are you and which HomeBuy agent covers your area? Orbit? Catalyst? There are midlands/east and south east.

No-one is taking control of the process here and that's what I find strangest.

Yes very unusual indeed. Basically to reserve the house I really should of passed the credit check but didn't. Anyway I told them about the unsuspecting default and told them it should be removed by the end of the week.

They still allowed me to reserve the house by paying them a pound. Signed the paperwork and told the house would be off the market.

I am based in the West Midlands Solihull I am pretty clueless on who covers my area they haven't really talked me through the process.

The default should come off this week but they said Halifax systems don't update until the 15/16th.

Before I try again what should I tell them to do what information should I request off them

rs65

kinh wrote: »

They still allowed me to reserve the house by paying them a pound. Signed the paperwork and told the house would be off the market.

What paperwork have you signed? I hope its not a commitment to pay a further £149,999 without knowing if you have funding in place.

reformedEffortmaker

rs65 wrote: »

What paperwork have you signed? I hope its not a commitment to pay a further £149,999 without knowing if you have funding in place.

Took the words right out of my mouth

kinh

Nope nothing like that at all

Thrugelmir

kinh wrote: »

They still allowed me to reserve the house by paying them a pound. Signed the paperwork and told the house would be off the market.

For how long?

dimbo61

We are all on this board to help you !
We want you to get the best deal and best advice you can about the biggest purchase you will ever make !
You need to go into this fully aware of what you are taking on and being "pretty clueless" may get ripped off
Time to find a whole of market mortgage broker to sit down with you and explain what deals are available and what you are signing up to.
How long before you need to pay interest on the other 20% and what interest rate will you be paying ?