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New House Build Mortgage
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Fox137
Posts: 13 Forumite
Hoping someone can help
My partner is hoping to buy a New Build Flat, he has a deposit of £15k and the flat is £127450. As he is in Scotland, the help to buy scheme has run out of funds for this year.
From what I have read he would be eligible (subject to normal lending criteria) for a MI New Home scheme mortgage, which I understand are offered by Bank of Scotland, Nationwide and The Royal Bank of Scotland.
I'm unsure if they are still available and can't find anything to tell me. He is going to see a mortgage advisor tomorrow but it would be helpful to know in advance if this is an option.
Thank you
My partner is hoping to buy a New Build Flat, he has a deposit of £15k and the flat is £127450. As he is in Scotland, the help to buy scheme has run out of funds for this year.
From what I have read he would be eligible (subject to normal lending criteria) for a MI New Home scheme mortgage, which I understand are offered by Bank of Scotland, Nationwide and The Royal Bank of Scotland.
I'm unsure if they are still available and can't find anything to tell me. He is going to see a mortgage advisor tomorrow but it would be helpful to know in advance if this is an option.
Thank you
0
Comments
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MI New Home is builder dependent.
He needs to find out if his builder is offering property on the scheme as the builder has to pay away a percentage of the purchase price into the indemnity fund.
No cash incentives are permitted either.
AFAIK - HTB Mortgage Guarantee, the other HTB scheme (without the equity loan) should be available as an alternative.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 -
Thanks Kingstreet.
The builders are part of the scheme, do we need to find out if the flat he reserved would be covered?
I'll have a look at the other part you mentioned.
Many Thanks0 -
Yes. Builders can pick and choose which properties they 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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