Nationwide Helping Hand Mortgage

K_S

RedRuby_2 said:

K_S said:

Runningmad said:

We enquired about this, you have to earn 50k a year to qualify.
It doesn't state this on the website, not very helpful. 

@runningmad "Minimum income of £31k sole applicant, £50k for joint applicants."

Any other criteria?

@redruby_2 General, headline criteria can be seen here https://www.nationwide-intermediary.co.uk/products/first-time-buyers

E_D_FTB

@RedRuby_2, we submitted our full Helping Hand application through a broker on 14/6. So far it seems no different to any other application, and we've not been asked to supply any additional evidence specifically for it. Will keep you updated on how it goes!

Moneybear

I completed my DIP with them today and it referred. Did anyone else's refer at first?
My application is only affordable through helping hand so perhaps that is why? 

E_D_FTB

Moneybear said:

I completed my DIP with them today and it referred. Did anyone else's refer at first?
My application is only affordable through helping hand so perhaps that is why? 

Ours was referred as well. Our broker said this is fairly standard for higher risk loans like the Helping Hand mortgage. It took a day with the underwriter before the DIP was approved.

FTBed

Hey - I've recently applied for one of these mortgages as a solo FTB. I needed 5.5x my salary for my purchase, however, they did not accept my bonus which put me £200 short of the £31k required.

Fortunately, just after I found this out I was given a promotion at work which puts me avoid the required amount and technically at the 4.5 without putting up the additional deposit. 

I have resubmitted the application with the new contract and salary. Does anyone know if this is likely to go to offer more quickly as the credit checks, valuations, etc have already been done? 

kingstreet

Nationwide timings depend on how your decision in principle resulted. Accept and you're on the high speed line, refer and you're on the "bug unit" stopping at all stations;-

https://www.nationwide-intermediary.co.uk/

FTBed

My DIP was initially accepted. I'm worried that the previous issue may slow it down? I'm unsure if they start the whole process from stage 1 or continue where they previously rejected 

E_D_FTB

Our mortgage offer was issued yesterday for Helping Hands - whole process to 26 working days from application, but I think a lot of the delay was nothing happening in June because of the Stamp Duty freeze. We weren't asked to provide anything additional to what would be expected in a normal application.

tommydog40

E_D_FTB said:

@RedRuby_2, we submitted our full Helping Hand application through a broker on 14/6. So far it seems no different to any other application, and we've not been asked to supply any additional evidence specifically for it. Will keep you updated on how it goes!

Was there any advantage to submitting through a broker?  What interest rates have they offered you?

Also is anyone aware of any competing products in the market place to the Nationwide helping hand mortgage?

sunnyvintage

Hi All

I have also applied for the helping hand scheme with 10% deposit. The good thing about the scheme is that it lets you borrow 5.5 times to buy the dream home but it does come with cons

1) 5 year fixed mortgage
2) High rate of interest

Does anyone know if anything else i am missing e.g if you have to sell the home in less than 5 years, is there any issue or charges etc.

Please let me know your thoughts / experience with this scheme