Natwest - Help to buy EL advice.

chanz4

don't you have to exchange within 28 days even if delayed build

Thrugelmir

fioney25 wrote: »

I completely understand but we did reserve the plot for £500 which if we back out we will lose.

Developers do this to weed out timewasters.

Get you reservation fee back while you still can. Then spending some time investigating how much you can borrow. In the New Year armed with the information you then have. You can make an informed decision as to what's affordable.

kingstreet

Builder giving you any cash incentives?

NatWest won't accept them, so you'll see the valuation reduced. Other lenders are happy to accept builder cash incentives upto 5% of the purchase price.

Tight on affordability?

There are lenders with more generous affordability calculators

Want a three year fix? No.

Good job really, as NatWest doesn't have one for HTB - EL cases.

Best two year fix?

NatWest, 2.69%. Best 1.89%.

Best five year fix?

NatWest 3.79%. Best 3.04%.

Want a free valuation and £250 cashback on completion? No.

Good job really, as NatWest offers none.

Want a quick turnaround, so you can exchange within 28 days?

Go elsewhere. There are two lenders with a quicker service as standard.

Want an offer with a drawdown deadline later than your build completion of June 2015?

One HTB - EL lender's current products have a drawdown deadline of 30/06/2015.

Are you picking them for any other reason than;-

I've heard good things about Natwest.

We are newbuild specialists, on the panel of our local HTB Agent, Orbit. Do we use NatWest? Yes. We use NatWest for a specific type of case, but not for the best rates/terms.

Only you can decide on what you want from a mortgage. If you want the best rate/fees in this case you will find it sensible to use an independent broker.

ethank

Housebuilders generally expect you to exchange contracts within 28 days. They won't allow you to take your time because it will be less stressful for you. They want their money as quickly as possible!

You are not committed to purchase the house until contracts are exchanged, and if you don't someone else will!

Thrugelmir

ethank wrote: »

They want their money as quickly as possible!

The property wont be ready for over 6 months.

ethank

I was on on about the deposit