Help to Buy Equity Loan Delay

DunxR

My mortgage broker has been telling me for the last two months that the builder of my new house is waiting for the Government to approve their application for Help to Buy equity loan funding. They are a smallish developer in the South/West Yorkshire area. Has anyone else heard of this and if they have any ways to get them to approve any quicker. I've been waiting since November.

My mortgage product is reserved with the Nationwide via the broker at the moment, but that reservation expires at the end of Feb. Nationwide are changing their product lineup at the moment and their Help to Buy product range is not as good (higher rates) as the current product I have reserved. So obviously I'd like to get the application approved before the reservation expires.

Any thoughts would be appreciated.

Verix

Unfortunately builders have to apply for the HTB approval and for one reason or another some builders just happen to be quite slow on this. All you can really do is speak to them and try and hurry them along. As it's now February they have probably submitted the relevant paperwork, it's just getting all that approved.

Good luck.

kingstreet

The builder has to jump through the HCA's hoops to be accepted.

Then they have to file a request for an allocation each year and if they use it up, they can't offer any more HTB until the next financial year.