We're just in the process of trying to buy a house on the help to buy scheme. To cut a long story short the mortgage advisor didn't tell us it was the help to buy scheme just that it was a 5% mortgage :wack
She's fully aware that I own a flat and won't be selling it, I thought this was a no-no on the scheme but could it be that because my wife who is joint applicant on the new mortgage has no interest in the flat that under the scheme (and some loophole) that it's ok?
Any help much appreciated
****ing LOL - Deacon is about to come in useful!
Must be like Santa Claus, once a year he is invaluable and the rest he is someone you wouldnt want your kids going nearOriginally Posted by arry
You can previously be a home owner with the mortgage guarantee scheme but not the help to buy scheme, there pretty similar anyway..
Was thinking of Deacon when I posted! I'm aware that the schemes say you can't be a homeowner but all the documentation states "you and any joint applicant this that and the other bla bla bla" but then "you can not own another property" no mention of joint applicant, only loophole I can see in it really.
Obviously this is quite serious as if we knowingly go ahead with it and it isn't kosher then it's mortgage fraud.
We're due to exchange early next week!
Btw, where the flip are all the smilies in Tapatalk, can't survive without them!
hmm as you stated then i'd look into it a bit further or at least inform them if they don't know, if they say its fine just do it.. half the things brokers do arnt exactly direct and once the mortgage is being paid there seems to be no problems.. just change it in two years
NiceMust be like Santa Claus, once a year he is invaluable and the rest he is someone you wouldnt want your kids going near
I get the feeling that this would only work if we could pursuade Ernest Borgnine to drive the Isle of Wight to Portsmouth hovercraft.
Kieran was also once one I'm sure
i was. help to buy is horrific. have taken zero interest in it due to how complicated it is.
i'm out.
I thought it followed the same as first time buyers mortgage me and my missus couldn't get one due to her previously owning a home before
Lol, bugger!
I'm hoping it's so complex that there is some silly loophole that she's utilised to get us the mortgage. Basically I don't really want to rock the boat too much due to exchanging next week and already having paid lots in fees etc. that I'd lose.
As she's fully aware of our situation and recommended the mortgage to us can I just blame her if it all goes tits up?
nope , you signed the paperwork so you're hit for any issues. she'll claim you never told her.
Basically i'd withdraw or change dates as it sounds shit
From what I understand first time buyers only, you would not be a first-time buyer thus you would not qualify for the assistant, your other half would though, but only if she was buying the property for herself not jointly like you are. Well that's how it was explained to us anyway as we have a 2nd property.
This sounds like it could be a proper cock up. We have only found this out after 3 mortgage offers were sent to wrong addresses because she is too dim ( or too clever?) To get the address right. It was flagged up by our solicitors because he knows the people who live in the house our original offers were going to.
a mortgage offer would be sent to the address on the application so someone is telling porkies to you. the address will be linked to the credit searches carried out to grant the mortgage. so if the address was wrong the likelihood of being granted the mortgage is slim to none.
We have finally today received an offer with the correct address on it so we do have an offer but it still ain't right. I've sent her a fairly harsh email stating in writing that I own another property and that she is a useless biatch.
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Just got confirmation from mortgage advisor that everything was fully declared on application and she has phoned them this morning to get explicit confirmation that my ownership of another property is ok. She is confirming this to me on an email but I've asked her to get written confirmation from lender as my offer clearly states in black and white that by signing I am agreeing that I don't own another property bla bla bla
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Mortgage offer retracted. Being investigated internally at mortgage brokers and lenders. Someone at lenders changed both of our status from home owners to first time buyers
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who is telling you that? the broker or the lender?
You realise that this means you now need to declare this on future mortgage applications
do you have a copy of the mortgage application?
Awesome, so it gets worse
The broker is telling us this, we haven't been in contact with the lender at all.
Just to add a bit more background on this it was originally a 90% LTV mortgage that we had secured, the broker then offered us the opportunity to make it a 95% LTV (extra commission?) but did not inform us it was Help to Buy (I would have immediately dismissed it had she done so) so we said ok we'll go for that.
Had she have told us at the time it was on the Help to Buy scheme we wouldn't have been in this mess right now - I've brought this up with her in writing and her responses are piss poor - 'I assumed this, I assumed that and I assumed the other'. How the f*ck can you make assumptions about anything when you're dealing with large quantities of cash and the potential to be criminally prosecuted!!!
Don't have copy of application but its a good shout, will request one now.
Last edited by Mikesx13; 12-05-2014 at 14:34.
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