Help To Buy - Equity Loan Broker?

ML420cdi

Anyone here recommend a broker who has experience of the Help to Buy Equity Loan for a new build?

Not too sure about using Bellways crew!

kingstreet

I'd speak to your builder's preferred broker first.

It's useful to have them onside, even if you decide not to use them. They are most likely to be able to work out the best lender for you.

We get loads of people who tell us their broker has said they can use XYZ when we know for a fact XYZ won't lend because of something in the case make-up.

I actually had to send the estate agent advisor of one of our builders the HCA Calculator the other day because he and his client couldn't understand why he couldn't buy for £300k if the lender would offer a big enough mortgage. He didn't know the HCA Calculator tops out at 4.5x income and he wouldn't get the equity loan, regardless of the mortgage situation.

ML420cdi

kingstreet wrote: »

I'd speak to your builder's preferred broker first.

It's useful to have them onside, even if you decide not to use them. They are most likely to be able to work out the best lender for you.

We get loads of people who tell us their broker has said they can use XYZ when we know for a fact XYZ won't lend because of something in the case make-up.

I actually had to send the estate agent advisor of one of our builders the HCA Calculator the other day because he and his client couldn't understand why he couldn't buy for £300k if the lender would offer a big enough mortgage. He didn't know the HCA Calculator tops out at 4.5x income and he wouldn't get the equity loan, regardless of the mortgage situation.

Hmmm you seem to recommend using the builders broker then give two very good reasons not to. Its their ineptitude I'm trying to avoid giving preference to someone who knows the market and not just push everything through Halifax.

We are based in Surrey and looking to purchase a property on the south coast, I know some brokers are quite geographical about their customer base.

Bellway are asking us to contact the New Homes Group for mortgage advise, never heard of them.

Anyone?

http://www.thenewhomesgroup.co.uk/nhg-mortgage-helpline/our-service.asp

tripleninjat

We are using the developers broker and they are great, really helpful, knowledgable about help to buy, and looking at a good range of lenders at competitive rates.

kingstreet

If you are using HTB - Equity Loan, you will have two issues with Halifax;-

no mortgage can be over £150,000
you have to be a FTB or you can't go via a broker.

If I might refer you to what I actually said;-

I'd speak to your builder's preferred broker first.

It's useful to have them onside, even if you decide not to use them.

How you suggest that's a recommendation to use the builder's broker, I don't know.

I was talking about brokers inexperienced in newbuild, not that you should always use the builder's broker.

If you let the builder's broker establish you can borrow on the HTB scheme, then decide to use someone else, you can ensure the builder knows you "qualify" for a reservation at the very least, as they will ask their broker.

kingstreet

FWIW, NHMH is part of Connells, a Skipton BS subsidiary;-

http://www.connellsgroup.co.uk/our-services/housebuilder-developer-services

Whether that can be considered an advantage, or disadvantage to the consumer is a matter of personal judgment.

tvfreek

I'm not having an issue the £150k cap - who is applying this?

kingstreet

Halifax will not lend more than £150,000 on Help To Buy - Equity Loan and brokers cannot do HTB - Equity Loan business unless at all, unless the purchaser is a FTB.

http://www.moneywise.co.uk/news/2014-08-05/lloyds-cuts-help-to-buy-equity-loans-to-150k

and

http://www.moneymarketing.co.uk/news-and-analysis/analysis/brokers-question-moves-to-restrict-shared-equity-mortgages/2011761.article

ethank

I sold my flat through Connells and went with the builders mortgage rep for my new build house.
The Sales Negotiator at Connells encouraged me to come in and see their mortgage representative - he has some cracking deals with Skipton Building Society - I said - funny that - don't they own you?

ML420cdi

Thanks for the replies, will be giving

http://www.thenewhomesgroup.co.uk/nhg-mortgage-helpline/our-service.asp

a call in the next day or two, lets see how things go!

We are technically first time buyers in that we have no property to sell and this will be our only property.

Long is the night that lies ahead I suspect.