Help to buy - how long does it take?

LeagueOfWolf

Just a question for those who have used this scheme... how long did it take to get your Help to buy letter giving you the go ahead?
I sent my forms in on Saturday 26th and I've still not heard back and I'm getting worried. I am only borrowing 20% equity loan rather than the full 40% for London and my LTV is 63% so I'm not in the red. Whats taking so long Im nervous

Chrissyny

Ours took 4 days but we went through a broker. Applied on Monday received ATP on Friday.

LeagueOfWolf

Wow that's so fast!
That's annoying maybe my broker isn't that good?
He told me I have to apply myself online and get the ATP letter then give to him to go ahead with application

ap1985

Ours only took a couple of days...

emmahayward89

Ours took over a week, we found a local HTB number and gave them a call, turned our the developer had given incorrect information. Once info was sorted it took 2 days.

pops

Hi

As per helptobuy guidelines an ATP (authority to proceed) should take 4 working days providing no complications. You're probably better off doing it yourself directly.

i did it twice (because of a price change) on both occasions it was done in 4 working days.

kingstreet

You should ensure your application fits the HTB Affordability Calculator before you submit.

We submit a copy of the above, with the fully completed Property Information Form and Fully Completed Reservation to the HTB Agent and we expect a response within four working days.

That can be for issue of ATP or for amendment, whichever is appropriate.

We deal with BPHA, Radian and Orbit.

LeagueOfWolf

Hello thanks for your replies. I checked the affordability calculator I am in the green zone with about 45K to spare so it looks okay.

I haven't had any reply for 2 weeks now (14 days) I emailed and they said they were processing my application should be done Thursday but I still haven't received anything.

Also the New build requires 28 days completion and vendors got the address slightly wrong so I have to resubmit.. So I wont complete be within the 28 days if it's their fault will they let me off? I'm getting really worried now

Chrissyny

Our broker did exactly what Kingstreet has outlined.

Chrissyny

They might let you off. The developers initially told us 28 days but when we completed the reservation form they upped it to 42 days. I am sure if will be fine. Your broker should really be helping you with this. It's annoying that they expect you to do it yourself.

LeagueOfWolf

Yeah it's a bit frustrating the broker is not helping I think he's not experienced in H2B as not many people use the equity one because the new builds in London are so expensive but good news it got approved on Friday
The developer said not to worry about the 28 days exchange deadline so :T
I'm excited woohoo thanks all!