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New Build Property - Help to Buy ... HELP!
mrebeccam93
Posts: 14 Forumite
Hello!
Would love some advice. Me and my partner are FTB - we had a couple of meetings with a Mortgage Advisor, following that she completed a credit check and gave us a Mortgage in Principle. We are wanting to use the Help-to-Buy scheme on a new build and have just reserved a plot that we LOVE.
We have a meeting on Wednesday with our Mortgage advisor to complete a mortgage application. We are looking to borrow £30k less than what we had been given in principle but I can't stop worrying that we'll still be rejected for the mortgage. I know the principle doesn't really mean much in terms of actually getting approved but what is the likelihood of our application being rejected.
Another concern of mine is that the property is not due to be completed until Oct/Nov but we have been told we need to exchange as soon as possible (complete newbie here) but I'm unsure what this means? Once that's all done, will we simply be able to sit back and wait for our new home to be finished? What are the implications of the build taking longer than expected in terms of the mortgage?
Thanks!
Would love some advice. Me and my partner are FTB - we had a couple of meetings with a Mortgage Advisor, following that she completed a credit check and gave us a Mortgage in Principle. We are wanting to use the Help-to-Buy scheme on a new build and have just reserved a plot that we LOVE.
We have a meeting on Wednesday with our Mortgage advisor to complete a mortgage application. We are looking to borrow £30k less than what we had been given in principle but I can't stop worrying that we'll still be rejected for the mortgage. I know the principle doesn't really mean much in terms of actually getting approved but what is the likelihood of our application being rejected.
Another concern of mine is that the property is not due to be completed until Oct/Nov but we have been told we need to exchange as soon as possible (complete newbie here) but I'm unsure what this means? Once that's all done, will we simply be able to sit back and wait for our new home to be finished? What are the implications of the build taking longer than expected in terms of the mortgage?
Thanks!
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Comments
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Ooohh well done, exciting. I posted a similar post the other day so will follow your replies. You are ahead of us. There's a waiting list just to view the show house!!!! It's all rather daunting isn't it, lots of questions and advice needed. Good luck,hope you get lots of replies.0
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Definitely! There's just so much to think about and so many abbreviations being thrown at us! Luckily our advisor has been amazing so far but it's all so nerve-wracking! Hope you enjoy viewing the show house. Good luck to you too!Runningmad said:Ooohh well done, exciting. I posted a similar post the other day so will follow your replies. You are ahead of us. There's a waiting list just to view the show house!!!! It's all rather daunting isn't it, lots of questions and advice needed. Good luck,hope you get lots of replies.
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