Halifax to cease lending to existing homweowners in new HTB-EL cases?

haras_nosirrah

They are not talking about people having more than one property. They are talking about anyone who has ever owned being unable to get a mortgage for a help to buy or shared ownership and that includes people selling a property where they are tied into a Halifax mortgage - they will not be able to port the mortgage to a help to but or shared ownership property

MrsDB

I went to a mortgage advisor and told I couldn't have another property for Help to buy in Scotland. I have a mortgage but said if we sold our property, move in with parents then we could use this scheme. Would that not be the case as I've had a mortgage before? Hubby is a first time buyer however

ethank

kingstreet wrote: »

The point here is that LBG is not going to lend to HomeMovers who are buying on HTB - EL, only to FTBs.

Regardless of the existing property being sold, even Halifax existing borrowers are going to have to move elsewhere, paying any ERP, if they want to buy on HTB - EL.

I did cover this last week, ethank.

https://forums.moneysavingexpert.com/discussion/comment/65765707#Comment_65765707

#268.

Kingstreet - I missed your original post - however not a forum I would venture into

I think this is a shame but I suppose lenders can pick and choose what business they want!

ethank

marginex wrote: »

Sorry but how am I wrong? you can't own any other property to be accepted on the HTB equity loan! I've just been through the process myself! Not sure why you quoted the 600k limit I'm fully aware if that

It is possible, but the sale of your home has to be linked to your purchase or you have to exchange on your sale before you can complete on the purchase.

It happened to me. I had not a huge deposit but used my equity in order to get the HTB-EL once someone put an offer in on my old flat.

Don't know if the rules changed in April along with the providers...... - I completed last November.

kingstreet

MrsDB wrote: »

I went to a mortgage advisor and told I couldn't have another property for Help to buy in Scotland. I have a mortgage but said if we sold our property, move in with parents then we could use this scheme. Would that not be the case as I've had a mortgage before? Hubby is a first time buyer however

All we're saying here is LBG now only accepts HTB - EL applications from FTBs.

If you have owned a property previously, you can buy on HTB - EL you just have to use another lender.

MrsDB

Thanks kingstreet clears that up for me, Halifax was the only one we were told about and got AIP for so don't know other providers how much they will allow us to borrow so back to mortgage adviser then to get more information...

kingstreet

Nationwide is now lending on HTB - EL to FTBs only.

Existing borrowers and homemovers are now unable to borrow from Nationwide.

miss_sparkle

kingstreet wrote: »

Nationwide is now lending on HTB - EL to FTBs only.

Existing borrowers and homemovers are now unable to borrow from Nationwide.

Oh no, we were hoping to go with nationwide! Looks like we won't be able to move where we wanted now!

Is there any lenders left doing it? Someone mentioned Natwest but I can only see mortgage guarantee on their website.

kingstreet

It now appears that shared equity and shared ownership remain available through Halifax branches, it's only brokers who have lost access for homemovers.

Temporarily, apparently.

ethank

kingstreet wrote: »

Nationwide is now lending on HTB - EL to FTBs only.

Existing borrowers and homemovers are now unable to borrow from Nationwide.

Kingstreet - why do you think they have changed?