Advice Needed on Help To Buy

Mr._P_4

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.

kingstreet

If you qualify for the mortgage, you will get the help to buy.

Mr._P_4

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?

Mr._P_4

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?

kingstreet

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.

amnblog

we have lists of Help to Buy Agents on our website

pm me if you want a link

kingstreet

It's inside the back cover of the guide;-

http://www.homesandcommunities.co.uk/sites/default/files/our-work/help_to_buy_buyers_guide_sept_2013.pdf

amnblog

if I may say, our online list is easier to use

kingstreet

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.

jacobtheamish

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

kingstreet

jacobtheamish wrote: »

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.