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Help to Buy - Remortgage Refused Incorrectly ?
Cage
Posts: 209 Forumite
Hi all I tried to apply for a remortgage last night with Natwest and RBS using the Help to Buy scheme. My current mortgage is with Clydesdale Bank and I wish to remortgage to another lender.
Both refused me stating that I do not qualify under the help to buy scheme as I am remortgaging.
This morning I checked the gov.uk website and found this (bit in bold)....
3.9
The scheme will also be designed to ensure that lenders cannot use the Government guarantee to restructure the riskiest part of their existing loan book, and that borrowers remain the beneficiaries of the intervention. For that reason there will be some types of remortgage transactions that will not be eligible for the scheme. In particular, a lender will not be able to access the scheme when a borrower is remortgaging a loan which is already part of the lender’s existing loan book. A borrower remortgaging with a new lending institution would, however, still be able to benefit from the scheme.
The government clearly states that I do qualify, why would Natwest and RBS refuse me ?
Both refused me stating that I do not qualify under the help to buy scheme as I am remortgaging.
This morning I checked the gov.uk website and found this (bit in bold)....
3.9
The scheme will also be designed to ensure that lenders cannot use the Government guarantee to restructure the riskiest part of their existing loan book, and that borrowers remain the beneficiaries of the intervention. For that reason there will be some types of remortgage transactions that will not be eligible for the scheme. In particular, a lender will not be able to access the scheme when a borrower is remortgaging a loan which is already part of the lender’s existing loan book. A borrower remortgaging with a new lending institution would, however, still be able to benefit from the scheme.
The government clearly states that I do qualify, why would Natwest and RBS refuse me ?
0
Comments
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Lenders can set their own policies as well. Over and above the Government guidelines.0
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I didn't realise that. It leave's me scratching my head too as to whats the point of the scheme if the lender decides to change it.
Next lender I'll call, I'll make sure my very fist question is if they have changed any of the help to buy policy in any way shape or form.0 -
Halifax is only offering 90% to 95% purchases on second-hand homes via Help To Buy - Mortgage Guarantee.
The lender chooses what parts of the scheme it wishes to offer.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.0
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