Experience of Help to Buy

WifeandMummy

Hi everyone, I am looking to move house and I am interested in the help to buy scheme, I have an appointment with our mortgage advisor and will of course discuss it with them but I wondered if anyone could share any personal experience with regards to the process, acceptance, amount borrowed etc? I assume like other loans that it is credit checked and goes on affordability etc, but do you know if you are likely to be accepted before you apply, has anyone been refused it before?


Thanks for reading x

debtfreeby30:S

Hi W&M!

How are you keeping? Which HTB scheme are you looking at? We went for the Equity Loan which is only available on new builds. Put down 5% ourselves, 20% is interest free for 5 years (on our way saving up to pay it off already) and got a mortgage for the remaining 75%. I have to say we seem to have got a better interest rate than a few of our friends who've just recently bought. Our broker dealt with all the applications and everything went swimmingly. If it suits your requirements Id certainly recommend the scheme

kingstreet

Newbuild, or second hand?

If the latter there is no loan. It's just a mortgage of 90% to 95%

if it is newbuild, the HCA has an affordability calculator but no, there are no credit checks. If you cane secure the mortgage you need, the equity loan is normally granted.

http://www.helptobuy.org.uk/docs/default-source/default-document-library/help-to-buy-equity-loan-buyers-guide.pdf?sfvrsn=4