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Shopping around with "Help to Buy"
aaz01
Posts: 50 Forumite
If I use the "help to buy 1" scheme (20% equity loan from government), can I shop around for any mortgage, exactly the same as I could if I had the 20% in cash?
Or are there only limited mortgage suppliers/deals available for this scheme?
If so - is there anywhere to compare them?
Or are there only limited mortgage suppliers/deals available for this scheme?
If so - is there anywhere to compare them?
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Comments
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No you cannot 'shop around' - there are only certain lenders who will assist.
See a broker to get a range of options and some advice.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.0 -
You wont need a broker, it's very straight forwards and only a few lenders offer the scheme such as Halifax and N West. Direct deals are usually cheaper.0
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Conrad your list is for V2 (95% MIG type deal) - I think the OP wants V1 (effectively shared equity).
By no means my favourite subject (but I have just spent part of the day updating our notes) and we have 8 lenders (and I think there is a couple more). Personally I think anyone considering it would benefit from using an adviser so they understand the 'pros and cons' of the scheme - personally I am not a fan and we do very, very few of these.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
We've got loads on the go. I've submitted four PIFs today on reservations which were done over the weekend.
There are ten lenders I can think of, off the top of my head.
It's not so much the HTB scheme you have to watch out for, it's the valuation issues and the attitude to incentives you get from many lenders.
OP's other thread on same subject;-
https://forums.moneysavingexpert.com/discussion/comment/63716942#Comment_63716942I 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 -
You wont need a broker, it's very straight forwards and only a few lenders offer the scheme such as Halifax and N West. Direct deals are usually cheaper.
In no way is a Help to Buy Equity Loan scheme 'straightforward'.
Always get advice from a qualified and experienced broker.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.0
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