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Help to Buy Mortgages

Black_Eyeliner
Black_Eyeliner Posts: 156 Forumite
Part of the Furniture 100 Posts Combo Breaker
in Mortgages & endowments
Has anyone got one of these? How easy are they to get?
«1345

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If you meet the qualifying criteria then it's easy otherwise not.
  • Black_Eyeliner
    Black_Eyeliner Posts: 156 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Well we do meet the qualifying criteria as stated on the help to buy website, but I assume it's not that straightforward. I'm sure we'll meet the affordability tests, and we both have good, recent credit histories. However; I was made bankrupt back in 2007. We've got a mortgage promise from the Halifax, but I've read they're not worth the paper they're written on, so I'm a bit worried.
  • kingstreet
    kingstreet Posts: 39,443 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Equity Loan or Mortgage Guarantee?
    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.
  • Black_Eyeliner
    Black_Eyeliner Posts: 156 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Mortgage guarantee. It's for a property valued at £155k. We earn £66k between us.
  • kingstreet
    kingstreet Posts: 39,443 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If you have a clean credit history, 95% should be achievable.
    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.
  • soak
    soak Posts: 11 Forumite
    We put our Help to Buy (Scotland) application in on Monday and got approved on Tuesday. The application was incredibly basic and easy, they didn't do a credit check or anything. Don't worry about it.
  • Black_Eyeliner
    Black_Eyeliner Posts: 156 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Kingstreet - even with a history of bankruptcy?

    Soak - they didn't credit check you for a mortgage?
  • kingstreet
    kingstreet Posts: 39,443 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Soak is talking about the equity loan, not the mortgage.

    If you are six years after registration and it was disclosed at application, you should still be fine.
    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.
  • Black_Eyeliner
    Black_Eyeliner Posts: 156 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    edited 10 March 2014 at 8:46AM
    The guidance for completing the Halifax application form states:

    'The Bankruptcy question should be answered as yes if you have had a bankruptcy/IVA or Debt Relief Order within the last 6 years OR still have an outstanding Bankruptcy Restriction Order'

    I have interpreted that as meaning I can answer 'no' on the form.
  • Senior_Paper_Monitor
    Senior_Paper_Monitor Posts: 2,918 Forumite
    Part of the Furniture Combo Breaker
    It appears that Halifax have changed their criteria again !! From the Intermediaries website ...


    Bankruptcies


    The Bankruptcy question should be answered as yes if you have had a bankruptcy/IVA or Debt Relief Order within the last 6 years OR still have an outstanding Bankruptcy Restriction Order.




    ..... I certainly wasn't aware of the change (not the first one on this subject).
    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 ForumTeam
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