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New Build : Incentives that are acceptable to Lender
Dinpraad
Posts: 71 Forumite
We are in the process of buying a new build using help to buy and have been offered 5% deposit contribution by builder.
We would prefer to use the 5% for extras to furnish the house from Upgraded kitchen , carpets , spot lights, tiling , heated radiators , extra sockets etc.
Is this permitted on the reservation that will be sent to Lender? we hoping to use Natwest as lender.
Thanks
We would prefer to use the 5% for extras to furnish the house from Upgraded kitchen , carpets , spot lights, tiling , heated radiators , extra sockets etc.
Is this permitted on the reservation that will be sent to Lender? we hoping to use Natwest as lender.
Thanks
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Comments
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As long as you have at least 5% deposit of your own and you meet affordability, it doesn't matter to the lender nor the HTB Agent if you take the incentive as cash or non-cash incentives. Is there any reason it was done this way?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
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@kingstreet Yes we have 5% of our own and we meet affordability too.The reason we are proposing this options is because we wanted to save paying up all the extras as we preferred this to rather reducing the mortgage payment.0
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Whilst it's easier to get all those things done by the developer, you pay well over the odds for such upgrades vs what you'd pay a local tradesman. Your choice though, obviously.0
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But the local tradesman does not give a two year warranty on the upgrades as the developer will do.DoaM said:Whilst it's easier to get all those things done by the developer, you pay well over the odds for such upgrades vs what you'd pay a local tradesman. Your choice though, obviously.
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