Halifax Mortgage - Problem with HTB

katkatmachine

Hi,

This is my first time to post here. Can you please advise me on our situation? I'm stressing out and losing sleep over this.

So basically, we have reserved a new build house, applied mortgage through mortgage adviser then applied Help To Buy. Then today I just received an email from Help To Buy saying they are unable to proceed with our application as our developer needs to submit some documents regarding the plot that we're buying. So the problem is not really from us but from our developer. Called our developer and they said they think it's about the government funding that they loaned but they have not received them yet. So until this is sorted we cannot resubmit our Help To Buy application.

My question is will this affect our mortgage application? Our mortgage adviser said that they already applied last Monday. I contacted him today regarding our Help To Buy issue but got no reply yet. I am so worried.

Any response will be highly appreciated.

Thanks,
Kat

kingstreet

No. It won't.

It will mean you can't exchange contracts quickly as a new PIF can't be submitted until the developer has secured funding for 2020/21.

They may amend the completion date to March 2020 to get it in this year's allocation if it's not too big a stretch as they can get an extension later on.

katkatmachine

Hi Kingstreet,

Thank you very much for replying! I was really hoping that you will see my post! Lucky!

So I guess we need to chase our developer about the status of their funding. At least this won't affect our mortgage application. I just hope that they secure the funding asap. This is giving me so much stress already.

Thanks again,
Kat