Advice Needed on Help To Buy

edited 30 November -1 at 1:00AM in Mortgages & Endowments
10 replies 1K views
Mr._P_4Mr._P_4 Forumite
3 Posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
Hello,

Am interested in availing the Help To Buy scheme for new homes, but not sure if I am eligible?

Basically, I have moved to the UK from Asia and have been here for the past 4 years and working with a multi national on a Tier 2 Sponsored visa.

Does anyone in this forum know the exact rules of eligibility? Or, are in a position to guide me?

Many thanks in advance.

Replies

  • kingstreetkingstreet Forumite
    36.8K Posts
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    If you qualify for the mortgage, you will get the help to buy.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Hello Kingstreet,

    Many thanks for the reply.

    I did visit a couple of banks who confirmed that I qualify for a mortgage, but weren't able to confirm if I am eligible for the H2B scheme. Is this something that I need to check with the individual builder?
  • Hello Kingstreet,

    Many thanks for the reply.

    I did visit a couple of banks who confirmed that I qualify for a mortgage, but weren't able to confirm if I am eligible for the H2B scheme. Is this something that I need to check with the individual builder?
  • kingstreetkingstreet Forumite
    36.8K Posts
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    If a lender will accept your application for a mortgage, you will get Help To Buy - Equity Loan.

    Call your local HCA HomeBuy Agent and ask them yourself.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • amnblogamnblog Forumite
    11.8K Posts
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    we have lists of Help to Buy Agents on our website

    pm me if you want a link
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • kingstreetkingstreet Forumite
    36.8K Posts
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • amnblogamnblog Forumite
    11.8K Posts
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    if I may say, our online list is easier to use
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • kingstreetkingstreet Forumite
    36.8K Posts
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    If they read the list, they may read the rest of the guide too and learn about staircasing and how the fee is calculated and that they pay back a percentage of the value of the property, rather than the simple £ amount they borrowed.

    One can only hope. ;)
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • The developer/builder will want you to speak to there preferred broker, that broker will confirm you can use the Help to Buy equity loan scheme.
    Worth bearing in mind the max income multiple used by the HCA is 4.5, some lenders will offer you a larger multiple so its not really correct to say if you can get a mortgage you will get HTB

  • kingstreetkingstreet Forumite
    36.8K Posts
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    Worth bearing in mind the max income multiple used by the HCA is 4.5, some lenders will offer you a larger multiple so its not really correct to say if you can get a mortgage you will get HTB
    Although true, the subject of the thread is the OP's nationality, not the amount being borrowed, therefore the direct answer to the question asked, "if you can get a mortgage, you will qualify for HTB" is quite accurate.

    If he had said "if my lender is prepared to lend me 5x my gross annual income, net of credit commitments, dependents costs etc, will the HCA HomeBuy Agent accept that?" your answer may well be both true and correctly placed in the thread.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
This discussion has been closed.
Latest MSE News and Guides

Energy price cap could be extended beyond 2023

New plans have just been announced by the Government

MSE News

Cheap contents insurance for tenants

DON'T assume your landlord covers you

MSE Guides

Summer sizzlers round-up

Incl £2ish sun cream & £1.50 disposable BBQs

MSE Deals