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Special terms on help to buy mortgage?
DreamingLearning
Posts: 2 Newbie
Hi all,
I’m buying a London new build with a help to buy mortgage. Building completion has now been delayed by 5 months and my mortgage offer will expire before completion. I’m currently having second thoughts about the purchase (personal circumstances have changed), and one of the sales team told me that if a help to buy mortgage expires, despite having exchanged I’m released from contract because of the terms of HTB. I have read through my contracts and googled endlessly, but haven’t found anything to support this theory.
Has anyone heard something similar? Or can anyone advise /direct me to a website ( not the help to buy one !)
Many many thanks
I’m buying a London new build with a help to buy mortgage. Building completion has now been delayed by 5 months and my mortgage offer will expire before completion. I’m currently having second thoughts about the purchase (personal circumstances have changed), and one of the sales team told me that if a help to buy mortgage expires, despite having exchanged I’m released from contract because of the terms of HTB. I have read through my contracts and googled endlessly, but haven’t found anything to support this theory.
Has anyone heard something similar? Or can anyone advise /direct me to a website ( not the help to buy one !)
Many many thanks
0
Comments
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If you are unable to obtain a mortgage, HTB provides for the cancellation of the reservation and the return of the reservation fee.
It's in the rules the providers (builders) sign up to to be included in the scheme.
Ask your local HTB Agent if you require clarification.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks so much for taking the time to reply. I’ve gone past this point. I have a mortgage offer and have exchanged contracts. The delay is in completion of the build. My mortgage will expire at before this. .0
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