Help to Buy Scheme - Exclusive New Build Broker Scheme

BMW1981

Hi,

Just thought i would give you my feedback regarding mortgages on the above scheme.

My wife and i had an offer accept on a house under the baove scheme. 20% Equity Loan approved by the Home Buy agent. We have the 5% deposit from the sale of our previous house 18 months ago

Due to a couple of missed payments on a credit card 18 months ago, i was unable to be accepted to be accepted by any of the high street lenders at 75%. Halifax would accept us but only at 70%.

We are using a mortage advisor (new build specialist) recommended by the Developer (No Fees payable by us) we gave him copies of our credit files and he could not see what the problem is as they were all good apart from those 2 missed payments We have a car loan and 2 x credit cards total balance of car loan and credit cards is £11,000. All payments made on time and no where near credit limits on credit cards.

Mortgage Advisor told us they have an exclusive deal with a lender for the Help to Buy Scheme (Not a lener i have heard anyone mention before). He submitted a Decision in Principle and within 24 hours came back to say that lender would accept us subject to the usual satisfactory proofs (bank statements, payslips, P60s etc) Rate is 3.59% which i dont think is to too bad.

Full application and all required documents have now been submitted to the lender and hope to have the Mortgage Offer in the next week.

I just think when buying a property under the scheme it is well worth speaking to a new build mortage advisor specialist as they have the experience and in my case the lenders to assist.

People's thoughts?

reapz69

BMW1981 wrote: »

Hi,

Just thought i would give you my feedback regarding mortgages on the above scheme.

My wife and i had an offer accept on a house under the baove scheme. 20% Equity Loan approved by the Home Buy agent. We have the 5% deposit from the sale of our previous house 18 months ago

Due to a couple of missed payments on a credit card 18 months ago, i was unable to be accepted to be accepted by any of the high street lenders at 75%. Halifax would accept us but only at 70%.

We are using a mortage advisor (new build specialist) recommended by the Developer (No Fees payable by us) we gave him copies of our credit files and he could not see what the problem is as they were all good apart from those 2 missed payments We have a car loan and 2 x credit cards total balance of car loan and credit cards is £11,000. All payments made on time and no where near credit limits on credit cards.

Mortgage Advisor told us they have an exclusive deal with a lender for the Help to Buy Scheme (Not a lener i have heard anyone mention before). He submitted a Decision in Principle and within 24 hours came back to say that lender would accept us subject to the usual satisfactory proofs (bank statements, payslips, P60s etc) Rate is 3.59% which i dont think is to too bad.

Full application and all required documents have now been submitted to the lender and hope to have the Mortgage Offer in the next week.

I just think when buying a property under the scheme it is well worth speaking to a new build mortage advisor specialist as they have the experience and in my case the lenders to assist.

People's thoughts?

sounds like a lot of debt in your case

BMW1981

11k which includes the hire purchase on the car and 2 x credit cards.

We earn 80k per year between us.

fiesta04

We earn 80k per year between us.

How on earth did you miss payments with that amount???

F4

reapz69

fiesta04 wrote: »

We earn 80k per year between us.

How on earth did you miss payments with that amount???

F4

I earn 45k and was told that I was borderline close to not being allowed the help to buy but that may be bull from the ifa.

Maybe your over the limit?

BMW1981

We moved address and i forgot to advise the credit card company, so the statements went to my old address.

It was my own fault, i'm not looking to blame anyone apart from myself.

BMW1981

Not over my limit on the credit cards.

£400 balance on 1 (credit limit is £2500) and £350 on the other (£5000 limit)

BMW1981

I did not think there was a limit for help to buy apart from the property not being more than 600k

brit1234

BMW1981 wrote: »

I just think when buying a property under the scheme it is well worth speaking to a new build mortage advisor specialist as they have the experience and in my case the lenders to assist.

People's thoughts?

Those builder mortgage advisers have the builders interests at heart not yours. They won't highlight the pitfalls off the scheme to you, they get commission from the builders. Surely it has to be better to see an independent?

Building_Surveyor

Who is this secret lender?

CluelessFTB_2

Yes who is this secret lender!