Help to buy/Mortgage advice

mcowan77

Hi

Have just received a mortgage offer from nationwide.Have reserved a new build using help to buy.(scotland)
authority to proceed from HTB issued last week. They are paying 20%.

Builders have put back the date of the house bring finished till October but have offered me the same house in a different plot, this will be ready in June.
The house they are offering is £2,500 cheaper.

1. Will my broker need submit a new full mortgage application with up to date payslips, credit checks etc

2. Will I need to start a full help to buy application again? And do I risk losing my funding if they run out?

ACG

1) 99% sure they would yes.
2) Cant answer as I dont do equity loan mortgages.

mcowan77

Thanks

I was hoping it wouldn't be a full application since I only received the offer this week.

mcowan77

Would the change of property not just be a material change? .. Rather than a full application?

Thanks

Contemptuous

Material changes require new applications.

You also mentioned the new house is cheaper, so the figures will also need to be altered.

kingstreet

Nationwide change of property needs a new application, it's not an option for a material change form.

They may be able to pull over some of the docs from the first application, but expect to provide latest bank statement and latest payslip as a minimum if we're into a new month.

As it's a new reservation, a new PIF will be required for the equity loan.

mcowan77

Thanks folks

Will I risk losing my help to buy funding that I have already secured?

kingstreet

As we're only three weeks into a new financial year, that's unlikely but as the funds allocated last year to your case won't be used, perhaps they are transferable?

mcowan77

I'm using this years funds as the application was approved on 11/04/15

kingstreet

One really shouldn't assume...

mcowan77

What do you mean by that ?