September New Build Newsletter

March New Build Newsletter
5th March 2019
New Build & Help to buy
Help to Buy Loophole Closed to Benefit Homeowners
9th September 2019

September New Build Newsletter

Welcome to our September Edition
Welcome to this edition of the Town & Country New Build Newsletter. This monthly update will have some highlights of the latest products available, details of current schemes, as well as the latest industry news.

Vida launches specialist Help to Buy range

Vida Homeloans has launched a range of Help to Buy specialist mortgage products for purchase and remortgaging, including an option specifically designed for help-to-buy staircasing.
Their specialist lending criteria applies, including a minimum income of £15,000, up to four incomes accepted, impaired credit history, complex incomes and competitive new build criteria, including fasttracked initial offer lasting six months which is extendable by another six, and a dedicated new build processing team.
Help to buy purchase key features:

  • One free valuation and £200 contribution to legal fees
  • Rates from 3.79%*
  • Qualifying new builds up to Help to Buy limits
  • Gifted deposits and Help to Buy ISA, including bonus, permitted
  • Builder incentives considered above customers 5% deposit •
  • Product fee can be added to loan above maximum loan to value (England and Wales only)

Help to Buy remortgage key features:

  • £0 product fee, one free standard valuation and £200 contribution to legal fees
  • Rates from 4.39%*
  • Available for remortgage pound for pound (no additional borrowing)
  • Available for remortgage with staircasing/increasing the equity stake in the property.

Virgin improve Shared Ownership

Virgin’s shared ownership products are now available up to 95% of the share purchased on houses and flats, including new build.
This means a minimum of just 5% deposit is required from the customers own funds, ultimately helping more first-time buyers get on the property ladder.
They’ve also extended the availability of their shared ownership range to wales.

Skipton change gifted deposit polic

Skipton now accept gifted deposits from a wider range of family/relatives under the Family Law act definition, 1996.
This includes: father, mother, stepfather, stepmother, son, daughter, stepson, stepdaughter, grandmother, grandfather, grandson, granddaughter, brother, sister, uncle, aunt, niece, nephew or first cousin of the person or of the person’s spouse, former spouse, civil partner or former civil partner.
They’ve also made some changes to their process, meaning that if they’re made aware of a gifted deposit that they weren’t already aware of after the offer has been issued; their completions team can now issue a Letter of Variance rather than asking the underwriter to produce a new offer.

Number of Help to Buy loans jumps 9%

The number of homes bought through the Help to Buy Equity Loan scheme in England rose by 9 per cent to 52,404 in the year to April, the latest government figures show. 83 per cent of these
purchases were made by first-time buyers.
The total number of first-time buyers using the scheme was 11 per cent higher than the previous year at 43,248.
The amount borrowed through the scheme has risen by nearly 13 per cent from £660m in Q1 2018 to £743m in the first quarter of this year..

Help to Buy: Equity Loan Lenders

Halifax From 1.72% // 2 & 5 year fixed // Fee free options // Max loan £500,000
Aldermore From 3.78% // 2, 3 & 5 year fixed // £999 product fee
Nationwide From 1.64% // 2 & 5 year fixed and trackers // Fee free option
Natwest From 1.59% // 2 & 5 year fixed // Fee free options
Santander From 1.44% // 2 & 5 year fixed // £250 cashback
Virgin Money From 1.75% // 2, 3 & 5 year fixed // Cashback options
Barclays From 1.55% // 2 & 5 year fixed //Fee free options