Help 2 Buy Phase 1

ColinHackett

Afternoon all.

I am thinking of buying a new build with the help to buy 1 (equity loan) scheme.

I take it that even though phase 2 is starting you can still choose to use phase 1?


I know i will need to speak to a broker or IFA at some point soon to get exact figures but i have a few Q's First.

Can i use any normal first time buyer mortgage with the H2B?
i.e the nationwide first time buyer Flexclusive 4 Year fix?

Or are there set mortgages for the H2B?

Can i put down more then the 5%

example
If the house is 200k and i take 20% (40k) EL
i would need to put down 5% (10k)
Can i put down more? like 15% (30k)


Thanks.
Colin.

kingstreet

Yes. HTB - Equity Loan is still available.

There are specific products, you would need to check with the lender what products it allows on HTB- EL.

Yes, you can put down more than 5%. You need to borrow towards your maximum based on affordability. The HCA HomeBuy Agent uses a calculator to establish the application fits within the parameters of the scheme.

TBH I've never seen anyone turned down, or offered only 10%.

ethank

I thought I would only get 10% because we have a high income but low deposit. We got full 20%, the broker that I used said everyone gets 20%

amnblog

You get the equity loan percentage you need only.

ethank

The broker I used said he had done loads, and he has never had 10% come back. This was from Catalyst.

ColinHackett

morning all,

just a quick update.

I have agreed a price and plot for my new build and have had the help to buy loan agreed. I used the developers Mortgage broker for this part. he has also come back with some quotes / AIP for the mortgage to go with it. Although i am not very impressed with rates / fees.

I have seen some better FTB ones while i have been looking about online.

So the question is can i use any FTB mortgage with Help to buy 1?
or do i have to use the ones that there broker is recomending?

Thanks.
Colin.

jacobtheamish

Hi Colin,

The Nationwide will allow HTB on any of their products providing the LTV fits, Halifax will allow you to use any affordable housing products. The other lenders that offer HTB have specific products for the scheme.
HTB 1 and 2 are totally independent of each other in the respect of what you are asking. We cover Catalyst's area, which developer are you buying from?