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Remortgaging After help to buy mortgage guarantee
Adam1989
Posts: 2 Newbie
Hi this is my first post!
I'm looking for advice, I'm currently coming upto the end of my help to buy mortgage (mortgage guarantee NOT equity loan) with NatWest (2 year fix). I've been looking at remortgage deals and have found cheaper rates elsewhere so I've decided to apply for one at The Coventry
I told them numerous times during the process that its a help to buy and have gone through all their affordability checks, credit checks and even had a mortgage valuation this morning. Rang them this morning to see if they have received all the paperwork only for them to say they need the deed of postponement as they have misinterpreted me and think its a right to buy property (never been a council house).
I reiterated that it's a HELP TO BUY at this point the women on the phone googled mortgage guarantee spoke to her manager then said they wouldn't be able to carry on with the remortgage process. I'm going to get a call back from a manager investigating into this tomorrow as but it's my belief that they are just going to save themselves hassle and cancel anyway.
I've rang Natwest afterwards to see how long this help to buy mortgage guarantee lasts which is 7 Years......Am I to believe that I'm stuck with only able to remortage with banks under the help to buy scheme for that about of time? even if I have enough equity to access 85% LTV mortgages?
I'm looking for advice, I'm currently coming upto the end of my help to buy mortgage (mortgage guarantee NOT equity loan) with NatWest (2 year fix). I've been looking at remortgage deals and have found cheaper rates elsewhere so I've decided to apply for one at The Coventry
I told them numerous times during the process that its a help to buy and have gone through all their affordability checks, credit checks and even had a mortgage valuation this morning. Rang them this morning to see if they have received all the paperwork only for them to say they need the deed of postponement as they have misinterpreted me and think its a right to buy property (never been a council house).
I reiterated that it's a HELP TO BUY at this point the women on the phone googled mortgage guarantee spoke to her manager then said they wouldn't be able to carry on with the remortgage process. I'm going to get a call back from a manager investigating into this tomorrow as but it's my belief that they are just going to save themselves hassle and cancel anyway.
I've rang Natwest afterwards to see how long this help to buy mortgage guarantee lasts which is 7 Years......Am I to believe that I'm stuck with only able to remortage with banks under the help to buy scheme for that about of time? even if I have enough equity to access 85% LTV mortgages?
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Comments
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are you wanting to remortgage to repay the government loan or just to get a better deal?0
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It's only a government guarantee, haven't borrowed any money off the government and Yes I'm looking for a better deal0
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I am afraid you have simply confused poorly trained staff at Coventry B S.
You don't need another H2B Guarantee mortgage to move to, and there is no reason why Coventry cannot assist.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
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