what was the process vaughty, i.e did you apply for the loan yourself then approach the developers once it was granted? in central london the new build developers just wont look @ help to buy, only shared ownership schemes as the developer makes more
1) I went to see my mortgage broker to see what my affordability for a mortgage was (how much I could borrow) and whether I qualified for help-to-buy (I think just about anyone can get it so long as they're not part-ex'ing, the developer's signed up, and the property isn't over £600,000).
2) Once I knew I qualified for help-to-buy I went and found a house that I liked.
3) I stuck mine on the market and it sold in two days for the asking price.
4) Went and reserved the new build house (28 day reservation). The site office try and sell you their legals and mortgage services really hard. They told me I couldn't buy the house unless I used their solicitor. I said that wouldn't agree that as I own my own firm so I'm not likely to use someone else. They kept pushing so told them to stick it and I'd go and find somewhere else. Luckily they broke first cause my wife would've had my bollocks.
5) Once the deal was agreed I made the formal application to the Home and Communities Agency's agent (Orbit in my area) and within a couple of days it was approved.
(Sorry for the list just easier to break it down.)
That was about 8 weeks ago now and we still haven't exchanged as the developer's solicitors don't appear to know what they're doing (their transfer is all wrong and they can't seem to explain that to their client so they can get approval to change it), which is lucky really cause the bottom of my chain is a little way behind.
When you are in a chain the developer's don't normally stick to the 28 day exchange. They normally, in my experience, are happy to see that people are making good progress (instructing solicitors, applying for searches, mortgage in etc). They do put loads of pressure on though. I thought it'd be easy as I do this for a living but they are pretty incessant. Couple of times I've threatened to buy on a different site and that shuts them up for a while.
thanks for this, so it sounds like its about finding a decent broker, qualifying and then just approaching developers as and when
