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Checks done by mortgage lenders while buying under help to buy scheme
karishma
Posts: 1 Newbie
Hello,
We are planning to buy a new built under the help to buy scheme. We are not very sure about the checks they do? Do they contact the hmrc to cross check our income and if we are receiving any tax credits?
We are planning to buy a new built under the help to buy scheme. We are not very sure about the checks they do? Do they contact the hmrc to cross check our income and if we are receiving any tax credits?
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Comments
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I didn't have to provide any proofs to the Help To Buy Agent. And I don't think I'd given my broker any at the point he did the application either... Try calling or emailing the agent in your area to ask if you're worried.
Mortgage lender themselves will want pay slips and bank statements whether you use help to buy or not. How far back depends on the lender and circumstances. I believe for tax credits they require a letter stating their value, but try the mortgage board for more help.
The builder will probably want you to use a mortgage broker for your application and if so they will take you through what's needed.0 -
No checks whatsoever. Not even a credit check. I guess they rely on the lender but I am not convinced of the lender sees what you put on the help to buy form0
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Are you in England or Wales?
In England, the HTB Agents rely on you being able to obtain the mortgage from a participating lender and will agree to the equity loan as long as you pass the hTB affordability calculator.
In Wales, there are income checks carried out on submission of the PIF & Reservation.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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