Post Office help to buy mortgage shambles

bep

New to the forum but felt the need to publish how Post Office are offering 'help to buy mortgage' that does not fit the criteria for any home on the help to buy scheme.

As I am a first time buyer I am looking to use the help to buy scheme to purchase a property.

After comparing mortgage lenders I found a good deal with Post Office, when I looked into the lending criteria for a help to buy mortgage with the post office it clearly states 'The following property types are not acceptable:' 'Newly built houses and flats or conversions (built or converted within the last 12 months)'
Read more at post office website>mortgages>help-to-buy>lending-criteria

Now when you look into the information pack available from the help to buy website it clearly states the help to buy scheme is for people buying a NEW BUILD HOMES.
'What is Help to Buy?
Help to Buy is equity loan assistance to home buyers from the Homes and Communities Agency (HCA).
Help to Buy makes new build homes available to all home buyers (not just first time buyers) who wish to buy a new home, but may be constrained in doing so – for example as a result of deposit requirements – but who could otherwise be expected to sustain a mortgage.
Up to a maximum of 20% in England and up to 40% in London1, of the purchase price is available to the buyer through an equity loan funded by the Government through the HCA.
Help to Buy is available in England from house builders registered to offer the scheme. Help to Buy has been available since 2013. In November 2015, Government announced an extension of the initiative up to 2021 (it may close earlier if all of the funding is taken up before 2021).'
Read more on the help-to-buy-buyers-guide-feb-pdf
available on the help to buy NW.org website subsection >help-advice>a-guide-to-buying-your-first-home

In my opinion Post Office are offering a help to buy mortgage that will be unable to be used for any home on the help to buy scheme. :mad:

Feel free to have a look through and agree or disagree, and tell me why you do so. And what you think upon this.

thanks for reading. :beer:

amnblog

I'm am afraid Bep you have gotten yourself worked up for nothing.

There are two types of Help to Buy scheme.

The Post Office are offering product under one scheme (guaranteed scheme). You are outlining the other above (equity scheme).

Having said that, the Post Office are best for stamps.

kingstreet

Oh dear.

PO has never offered HTB Equity Loan products.

As amn has said, it does however offer 95% mortgages on the HTB Mortgage Guarantee scheme.

https://www.helptobuy.gov.uk/

Look at the tab. Different options for different types of buyer.