Builders incentive

boop99

Hello, we are purchasing a new build home using the NHS builders incentive of 5% we have chosen to use it as our deposit. Does anyone have any knowledge in using this as our 5% deposit with help to buy involved and a mortgage lender? We only seem to be able to find Barclays who will accept a builders incentive as a deposit, does anyone have any experience with this or know of any other lenders who accept the incentives 

johnny_c-l

I've gone through NatWest and they accept incentives; I was also told that Nationwide and Bank of Ireland don't. Might be worth speaking to a broker as they will know which lenders meet your criteria. 

boop99

johnny_c-l said:

I've gone through NatWest and they accept incentives; I was also told that Nationwide and Bank of Ireland don't. Might be worth speaking to a broker as they will know which lenders meet your criteria. 

Did you have to contribute a deposit on top of the builders incentive of 5%? we're using help to buy so trying to figure out if we would have to contribute anything if we only need a 5% deposit and the builders are offering to pay it?

johnny_c-l

I chose to put in more, ended up being 5.1% from me and 5.0% from builder, but I'm not sure if it was a requirement or not. I wasn't planning to use HTB but in the end decided to as a hedge against prices falling, so just put down 5% myself then the rest will repay the equity loan in the future.

Kiwistrawb1990

johnny_c-l said:

I've gone through NatWest and they accept incentives; I was also told that Nationwide and Bank of Ireland don't. Might be worth speaking to a broker as they will know which lenders meet your criteria. 

So so sorry to jump on your thread OP, but @johnny_c-l have you gone through natwest recently? 

johnny_c-l

Kiwistrawb1990 said:

johnny_c-l said:

I've gone through NatWest and they accept incentives; I was also told that Nationwide and Bank of Ireland don't. Might be worth speaking to a broker as they will know which lenders meet your criteria. 

So so sorry to jump on your thread OP, but @johnny_c-l have you gone through natwest recently? 

Yes very recently, application went in during lockdown, valuation last week and offer two days later.

Kiwistrawb1990

johnny_c-l said:

Kiwistrawb1990 said:

johnny_c-l said:

I've gone through NatWest and they accept incentives; I was also told that Nationwide and Bank of Ireland don't. Might be worth speaking to a broker as they will know which lenders meet your criteria. 

So so sorry to jump on your thread OP, but @johnny_c-l have you gone through natwest recently? 

Yes very recently, application went in during lockdown, valuation last week and offer two days later.

Ahhh amazing thank you I was wondering about timescales. Our application went in 6 days ago, valuation is today, will probably expect to hear next week then if that's the case!