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Help to buy - equity loan questions
firedart
Posts: 3 Newbie
We've reserved a new build and are using help to buy equity loan. I need a bit of help please!
1. We have been recommended 'new homes mortgage group' by the new build company as a broker, but they charge £399. Should I just use L&C instead? You have to use a broker for help to buy.
2. Help to buy mortgages seem to be a full percent higher than normal ones, even though I have LTV of 50% including the help to buy money. Is that just the mortgage companies being cautious with help to buy customers?
Thanks!
1. We have been recommended 'new homes mortgage group' by the new build company as a broker, but they charge £399. Should I just use L&C instead? You have to use a broker for help to buy.
2. Help to buy mortgages seem to be a full percent higher than normal ones, even though I have LTV of 50% including the help to buy money. Is that just the mortgage companies being cautious with help to buy customers?
Thanks!
0
Comments
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Whilst it may help your mortgage application, you dont HAVE to use a broker to use HTB.
You can go straight to any lender so long as they are offering the HTB Packages.0 -
We've reserved a new build and are using help to buy equity loan. I need a bit of help please!
1. We have been recommended 'new homes mortgage group' by the new build company as a broker, but they charge £399. Should I just use L&C instead? You have to use a broker for help to buy.
2. Help to buy mortgages seem to be a full percent higher than normal ones, even though I have LTV of 50% including the help to buy money. Is that just the mortgage companies being cautious with help to buy customers?
Thanks!
Help to buy mortgages are more expensive because you are effectively borrowing beyond your means and are therefore classed as high risk and attract a premium mortgage rate as a result.0 -
Some lenders HTB/Affordable Housing products are higher rated, others aren't.
Your broker should be finding the right deal for you.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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