Forces Help to Buy timespan for approval

bethqag

Hi,
Can anyone tell me how long the time scale from application to approval is for this scheme? How long did they take to reply?

Thanks in advance

stephenni1971

Theres no hard and fast number - I've seen it in three weeks up to six...

lornz23

I am also interested in this and wondered if anyone on here can tell us how long their application took?

stephenni1971

lornz23 wrote: »

I am also interested in this and wondered if anyone on here can tell us how long their application took?

There is no hard and fast number. What will help is you getting all the required signatures and the app sent off asap.

4-6 weeks as a guide.

King_Slayer

lornz23 wrote: »

I am also interested in this and wondered if anyone on here can tell us how long their application took?

Not sure if you have already applied for the FHTB however here is our Timeline:

Applied on JPA , selected the drop down option to request PIN (you will need this as proof of deposit, if applying for a mortgage). Also wise to shop around for Solicitor (not required to instruct) we choose someone who is familiar with the FHTB. You will need to add the Solicitors details.

Workflow notification received by the next day with confirmation of a conditional approval. Printable application attached.

Application requires 3 signatures: MO/DOC to certify that you're medically fit, Head of Department and then Commanding Officer (Took us 2 days to obtained all required signatures)
Then returned next day signed for (to avoid delay) You have 56 days to return this document

10 working days later received the PIN document at work address (this is a letter confirming the loan amount approved, the max amount available to borrow and service details). Sent this for the bank as they require this document and kept a copy for my records

A copy of the PIN document was also sent to my Solicitor (Hence the reason SOL details requested in JPA application.

Hope this helps.

EmmEve

Ours took 15 days from initial application to approval. Our solicitors took care of everything related to it from there.

Chocolatefund

I'm quite curious to this as well

For those who have got a mortgage through this, how much did this affect the amount you were able to borrow? I take it the repayments will be factored into affordability criteria?

stephenni1971

Chocolatefund wrote: »

I'm quite curious to this as well

For those who have got a mortgage through this, how much did this affect the amount you were able to borrow? I take it the repayments will be factored into affordability criteria?

Yes they SHOULD be. I've seen a few brokers not know this and then when the case went for underwriting it was declined on affordability.

Whatever you take divide by 120 and that will be your repayment figure per month. I've had a few cases where it was best for the client not to take the full FHTB amount as the repayments knocked down their loan amount. It made more sense to take less FHTB and borrow slightly more.

Obviously each case is different and you should get advice before you proceed..

Chocolatefund

stephenni1971 wrote: »

Yes they SHOULD be. I've seen a few brokers not know this and then when the case went for underwriting it was declined on affordability.

Whatever you take divide by 120 and that will be your repayment figure per month. I've had a few cases where it was best for the client not to take the full FHTB amount as the repayments knocked down their loan amount. It made more sense to take less FHTB and borrow slightly more.

Obviously each case is different and you should get advice before you proceed..

Thank you for the response I did wonder...

It's food for thought. It's attractive to borrow the full amount you can as it's interest free, but I don't want it to knock my loan amount.

King_Slayer

Chocolatefund wrote: »

Thank you for the response I did wonder...

It's food for thought. It's attractive to borrow the full amount you can as it's interest free, but I don't want it to knock my loan amount.

You will also need to consider that if you apply for 10k or more that this will affect your tax code, for the financial year. You can contact HMRC for advice on this.