Process a buying a first new build home (Help to Buy)

dhokes

What's the process of purchasing a new build home (probably off-plan) from getting a mortgage in principle to moving in? I currently have a Help to Buy ISA which I intend to use, as well as the Help to Buy Equity Loan. When is the deposit required?

I've currently used the online calculators to get a rough guide of how much I can borrow and intend to get a mortgage in principle once I pay off my interest-free credit in a couple of months time.

Carl31

Just going through this exact process myself actually, we are about to exchange

Ours went like this:

Saw house we liked

Spoke to MA. Explained we wanted to use HTB at 20%, got a DIP for the mortgage, and applied for HTB with his assistance

Got confirmation from HTB that we could get the loan

Holding deposit with the developer to secure the property. At which point they, very unclearly, said they expected us to exchange in 35 days, not sure what point the 35 days started from...

From that we appointed our solicitor / conveyencer, and did a full mortgage application. Paperwork back and forwards between all parties, took about 6 weeks, that was mainly held up by my wifes employer not returnning a reference though, also had to pay for surveyor (£500) and various conveyencer costs (£350)

Mortgage approved week before last

Looking to exchange this week at which point we will pay most of our deposit, with completion a month from that (hopefully) so we can hand in our notice with LL on our tenancy

Just to add some feedback, our developer has been quite stroppy about getting things done quickly, solicitor and MA have tended to drag their heels a little and needed constant chasing - i was advised from friends this tends to be normal

dhokes

Carl31 wrote: »

Just going through this exact process myself actually, we are about to exchange

Ours went like this:

Saw house we liked

Spoke to MA. Explained we wanted to use HTB at 20%, got a DIP for the mortgage, and applied for HTB with his assistance

Got confirmation from HTB that we could get the loan

Holding deposit with the developer to secure the property. At which point they, very unclearly, said they expected us to exchange in 35 days, not sure what point the 35 days started from...

From that we appointed our solicitor / conveyencer, and did a full mortgage application. Paperwork back and forwards between all parties, took about 6 weeks, that was mainly held up by my wifes employer not returnning a reference though, also had to pay for surveyor (£500) and various conveyencer costs (£350)

Mortgage approved week before last

Looking to exchange this week at which point we will pay most of our deposit, with completion a month from that (hopefully) so we can hand in our notice with LL on our tenancy

Just to add some feedback, our developer has been quite stroppy about getting things done quickly, solicitor and MA have tended to drag their heels a little and needed constant chasing - i was advised from friends this tends to be normal

Just got off the phone to L&C and I've received a decision in principle. Looks like I might have to save up a larger deposit.

If you don't mind me asking, was the mortgage that you got approved more/less/the same as your mortgage in principle?