Help to buy mortgage troubles

Time2go

We exchange don htb yesterday term 30 years (till just before I’m 70 eek) using precise. Aim is to remortgage in 2 years on lower rate and reduce term to 22 years to enable us to remortgage whole lot including htb at the 5-6 yearmark

Eamaga

Time2go and that was halifax?

Eamaga

Oh I now read it properly thanks

FungalCow

Resubmit the help to buy PIF for a 31 year term. Are you doing the paperwork yourself or is a broker doing it for you?

kingstreet

You submit a PIF (and reservation) to the HTB Agent which requests the longer mortgage term. We attach a copy of the completed HTB calculator using the required term and note in the email "XX mortgage term for affordability reasons."

If you have already done this, re-submit a revised PIF with the amendment initialled and dated for a revised ATP to be issued.

You simply apply for the mortgage over that term. The mortgage offer you receive must match the mortgage term you have requested on the PIF and which is printed on the ATP.

We have never had any difficulty with any lender - Halifax, TSB, Nationwide, NatWest, Barclays, Leeds, Precise, Aldermore, Virgin, Mansfield, Skipton etc using a longer term.

The HTB loan term is always the shorter of the mortgage term and 25 years. If you ever repay the mortgage, the HTB loan must be repaid at that time, if not before.

If you need it, get information/advice from an Independent Mortgage Broker experienced in newbuild/HTB and you can always speak to your local HTB Agent;-

https://www.helptobuy.gov.uk/equity-loan/find-helptobuy-agent/

Eamaga

Thanks KS. So originally when we applied we were going for a 19 year mortgage and all looked good at that point. So applied to HTB and on the HTB form put 19 year mortgage. Now we can only get a 31 that’s the only part of the form we amend correct? Change it too a 31. Then all should be good?

kingstreet

kingstreet wrote: »

If you have already done this, re-submit a revised PIF with the amendment initialled and dated for a revised ATP to be issued.

The mortgage term, of course.

Eamaga

Emailed last night to HTB saying wanted to change the mortgage term in paperwork to 31 for affordability’s reasons and their reply - “Thank you for your email, this will suffice in terms of changing your mortgage term. Your request will be actioned within the next 4 working days” so that’s all we do now and all is good?