Strange Mortgage situation, please help!

FTBSOS

dgtazzman wrote: »

I might be totally wrong here, but from what it says on the website of the company doing the Help To Buy Scheme in our area, you have to go through the builders to get onto it, not through one of the participating banks.

They have a form on there to print out and take along to be presented and filled out by the builders and then returned to the company that runs the scheme by the builders.

Maybe this has something to do with your issues?

Like I said, could be completely wrong, the information on the site in question is a bit lacking...

Yeah, the house builder is participating.

74hotspur wrote: »

If you can find another 17.5k for the Halifax you will only qualify for 10% from help to buy, the scheme is not there to reduce your mortgage amount. it's a no win situation with Halifax, try woolwich they treat it as it should be....75% mortgage, I too was in the same situation with Halifax. Agent deemed it affordable using 4.5x income Halifax wouldn't do 4.5x so it was flawed. Lenders and agents should be working off of the same affordability checks.

Interesting, so you were in the same situation as i was with halifax? my brokers seem crap, they said woolwhich probably wouldn't accept me. did you get a mortgage with woolwhich and they treated it as 75%?

74hotspur

Brit 1234 the agent isn't trying to sell the house they are assigned by the government to do affordability checks, they are nothing to do with the builder.
My case was for a 500k property needing 375k mortgage. If you are worried about the developer adding to the cost just because of scheme, then don't even mention to builder you are applying for help to buy. Agree a price for property, reserve it then say I've decided to do help to buy, the sales team will help fill in form and send off to home buy agent. They can't put the price up once you have reserved. That's how I did it, although same house smaller plot is now on sale for 550k on the development, so I'm not worried about over pricing or a drop in value as they are still selling at 50k more than I paid.

FTBSOS

74hotspur wrote: »

Brit 1234 the agent isn't trying to sell the house they are assigned by the government to do affordability checks, they are nothing to do with the builder.
My case was for a 500k property needing 375k mortgage. If you are worried about the developer adding to the cost just because of scheme, then don't even mention to builder you are applying for help to buy. Agree a price for property, reserve it then say I've decided to do help to buy, the sales team will help fill in form and send off to home buy agent. They can't put the price up once you have reserved. That's how I did it, although same house smaller plot is now on sale for 550k on the development, so I'm not worried about over pricing or a drop in value as they are still selling at 50k more than I paid.

so you went which woolwhich and they accepted it as 75% LTV?