Help to Buy loan DIP

Oakdene

Hi all

My partner & I are looking at a new build & as a result using the HTB to get a mortgage. When I am looking at getting a DIP/AIP with a mortgage company there doesnt seem to be anywhere in the form to add the HTB loan. The property price is £190k, our deposit is (5% of £190k) £9500, 20% HTB loan of £38000 so mortgage would be £142500. To get an try DIP/AIP online would I put that the deposit is £38000 + £9500 = £47500?

TIA

kingstreet

You would need to say which lender's system you are using as presumably trying to do this direct. Hopefully, someone else will have used the same system and can respond.

Typically, 3% of the HTB loan will be taken as an expense, so make sure there is somewhere to enter the HTB loan. If not, get help.

One of our biggest issues is people going direct to lenders and then coming to us for affordability and discovering the lender didn't include the cost of the equity loan and ground rent/service charges.

Oakdene

kingstreet wrote: »

You would need to say which lender's system you are using as presumably trying to do this direct. Hopefully, someone else will have used the same system and can respond.

Typically, 3% of the HTB loan will be taken as an expense, so make sure there is somewhere to enter the HTB loan. If not, get help.

Once of our biggest issues is people going direct to lenders and then coming to us for affordability and discovering the lender didn't include the cost of the equity loan and ground rent/service charges.

Im using Natwest as they have given us the best DIP for a non new build mortgage, however when I tick the box on thier one to say its a new build it wont issue a DIP as it says max LTV is 80% and the deposit I am entering is 5%...

kingstreet

Brokers don't use the same system, so as I said, you'll have to wait for someone who has used it who can help.