Help to Buy Process

k11yts

Hello! I'm hoping someone can reassure me as I've become such a worrier!


Me and my partner have reserved a new build property through the help to buy scheme. We had a AIP from Halifax so that we could reserve. We are now at the stage of full application. The mortgage advisor has all our documentation (he advised so that if things are requested he can handle them directly). We have paid money to the solicitors for the initial searches (£250) and the valuation fee has been taken by Halifax (£355). I have checked my credit file and a soft search was done when we had the AIP and a hard search was done on the day they took the valuation fee.


Does anyone have any idea of the timeline for the next steps? I've read all the threads about an AIP not being a certainty for approval and keep getting myself into a nervous wreck. Me and my partner have a combined income of over £70k and the mortgage will be for £127000 after the help to buy. One of the reasons I am so concerned is that we are literally using every penny in the current accounts at the moment as we are getting married in Feb next year. We don't use overdrafts or anything though. I have a longstanding personal loan, a car finance contract and two credit cards but have never missed a payment in my life. My partner has small amounts on a couple of credit cards and has also never missed payments.


Can anyone advise what is next or if they think they'll be any problems? I've emailed my mortgage advisor this morning but he's not got back to me yet. When I last spoke to him he didn't seem too concerned and earlier advised that he would say 95% of AIPs go through to full offer.


Thanks in advance!

amnblog

Sorry, but your broker is the best place to submit these queries.

Mummyto4kids

We have just gone through this process and they didn't take our valuation fee until they had confirmed via phone to the broker that we were "approved subject to valuation" - this was with the Halifax, they said they don't instruct a valuation unless theyre happy with the borrowers affordability and credit checks and our full formal written offer came through 2 days after the valuation although we already knew by phone - our broker was very on the ball and communicated with us daily.


Im not saying that I can give advice on this by the way, just that this was our experience with the Halifax which I thought might help you but the broker is definitely the person to ask specifics to.

k11yts

Thanks so much for your reply. I was hoping for someone in the same position to give me a bit of hope! Had it confirmed by the developer that the valuation is booked in for Friday so feel a bit less anxious!

rusty_f

I went through a similar experience to you. Valuation only went through once they were happy with my application 'subject to valuation'. So if the valuation goes through without any probs, Halifax should approve things.

Help to Buy - have you applied to them yet? You'll to obtain an authority to proceed from them asap, then your solicitor will take care of the rest of the process. I worried that Help To Buy would slow things down but they were very efficient.

k11yts

Yes we've had the acceptance for help to buy for a while. That was the easiest bit!

Can't believe how stressed I keep making myself! There are just too many stories about when things go wrong!

amnblog

Get off the internet if you want to avoid 'disaster stories'.

We don't get many posters saying 'it was all done and dusted in three weeks'. That is the story for many clients however.

k11yts

I appreciate that amnblog. I wasn't looking for the perfect scenario or indeed searching for disaster stories, I only was trying to find someone in a similar situation who could share their experiences. Unfortunately whilst doing so my lack of experience led me to discover lots of things I wasn't aware of which is why I posted.

Hopefully we are now on the home straight! After a small query regarding my partner's wages (overtime/manager rates), the MA has said it's all sorted and expects an offer on Monday. Still nervous but don't think I can do much about that!

k11yts

Just to update for anyone following the thread (I know I do for others! )

Mortgage offer received!!!!

After reading some of the threads on here I thought I'd update to confirm the stress can be worth it!

Time line so far:

29th Nov - reserved plot
8th Dec - sent all docs to MA
10th Dec - application submitted, valuation fee paid
18th Dec - valuation took place
21st Dec - advised mortgage offer was with MA
23rd Dec - mortgage offer received through the post, MA emailed solicitor to organise help to buy authority to proceed
7th Jan - mortgage deed received
8th Jan - mortgage deed signed, witnessed and returned to solicitor

Hopefully on the home straight now! :j