HTB Mortgage Offer may expire before new build completion?

marginex

Hi Everyone,

My mortgage offer should come through in the next week from Virgin, i've just realized though that as its a new build that's due to be complete in June it will be finished just after the mortgage offer expiry date, do you think they would extend by one one month? Considering its help to buy on a new build.

Brett

kingstreet

Help To Buy - Equity Loan?

When did Virgin Money start to lend on shared equity?

Criteria;-

Virgin Money does not accept applications on the following:

Shared Equity
Shared Ownership
Affordable Housing
Keyworker
Homebuy

marginex

oh well they do! honest!

https://uk.virginmoney.com/virgin/mortgages/help-to-buy/

marginex

if it helps was only this month they started!

kingstreet

I know they're lending on MG, but there's no sign of any EL products on Mortgage Brain.

What you said surprised me so much, I've tried to source a KFI and nothing comes up.

Can you tell me the product you have applied for, rate and product code, if there is one on your KFI.

marginex

I havnt got these details to hand! im going through a broker, if it helps its so new on virgin only 3 mainstream brokers are able to offer it

you have really scared me now!!!!

kingstreet

TBH we don't use them that often, but many lenders have piloted new schemes via a few brokers to start with.

Are you buying from one of the major builders and using their broker, New Homes Mortgage Helpline, Torc, or similar?

Which HomeBuy Agent covers your area?

marginex

Im using countrywide as they are only 1 of 3 that are currently able to, homeinhants is my area agent :-)

kingstreet

Interesting. They've kept it quiet, so far.

I'll be interested to see how the products compare with Woolwich and Nationwide. They are normally the top two on HTB - EL products.

When you get a chance, let us know what you've got - rate, fees etc. Thanks.

marginex

Phew! I had to text my broker, I know it wasnt your intention but your proper scared me! But 100% they are supporting the equity loan scheme now be it as you say just a few brokers as its so new :-)

Of course ill happily share information when i get it!

kingstreet

Did you choose Virgin Money because of the product, or some aspect of their criteria or lending policy which suited your case?

Sorry for curiosity. There's not much happened in the HTB - EL arena since October and MG came and stole all the interest.