Mortgage application + End of Mortgage Guarantee

ParenR

Hi all

Apologies if this has been answered elsewhere.

I'm about to apply (I have an AiP) for a Mortgage Guarantee.

However what's the likelyhood of getting this in before the 31st December when the mortgage guarantee is due to end?

If I get it before 31st December, will it be valid after whilst I am looking for a property?

Thanks

amnblog

It sounds like you may have the wrong perception on a couple of things here.


The Help to Buy Guarantee Scheme ends this month but this does not mean the end of high loan to value lending as a number of Lenders already offer products not supported by the Guarantee Scheme.


Some Lenders currently using the Scheme to support some product offers may continue to offer similar products without Government support in 2017.


Therefore if you do not apply this month, it does not mean there will be no product available next month (although if your intended Lender is not offering other options you may need to swop to another)


Finally, an AIP does not secure a mortgage product. You cannot secure a rate, then look for a property (technically sometimes, but practically no).


If you are smart you will discuss this with your intended Lender.


If you are smarter you will be using a mortgage broker.