Discussion
Hi folks,
My wife and I recently got an agreement in principal for a Halifax Family Boost mortgage, the type where a guarantor (her parents) put a deposit into an account which makes interest for three years until they get it back. This agreement was then renewed about a month ago with the advisor telling us 'congratulations you're still eligible.' We had seen that they had stopped offering the mortgage to new customers when Coronavirus hit, but had assumed, like idiots, that because we had our agreement we were still eligible.
So, we found a house, put in an offer and were accepted. Excellent! It was then that our advisor told us we couldn't have the mortgage...
The house is still on the market and we are in danger of losing it to someone else. I was wondering is anyone knows why they have stopped offering these types of mortgages and when, if at all, they will begin offering them again?
Thanks
My wife and I recently got an agreement in principal for a Halifax Family Boost mortgage, the type where a guarantor (her parents) put a deposit into an account which makes interest for three years until they get it back. This agreement was then renewed about a month ago with the advisor telling us 'congratulations you're still eligible.' We had seen that they had stopped offering the mortgage to new customers when Coronavirus hit, but had assumed, like idiots, that because we had our agreement we were still eligible.
So, we found a house, put in an offer and were accepted. Excellent! It was then that our advisor told us we couldn't have the mortgage...
The house is still on the market and we are in danger of losing it to someone else. I was wondering is anyone knows why they have stopped offering these types of mortgages and when, if at all, they will begin offering them again?
Thanks
TurbosSuck said:
Hi folks,
My wife and I recently got an agreement in principal for a Halifax Family Boost mortgage, the type where a guarantor (her parents) put a deposit into an account which makes interest for three years until they get it back. This agreement was then renewed about a month ago with the advisor telling us 'congratulations you're still eligible.' We had seen that they had stopped offering the mortgage to new customers when Coronavirus hit, but had assumed, like idiots, that because we had our agreement we were still eligible.
So, we found a house, put in an offer and were accepted. Excellent! It was then that our advisor told us we couldn't have the mortgage...
The house is still on the market and we are in danger of losing it to someone else. I was wondering is anyone knows why they have stopped offering these types of mortgages and when, if at all, they will begin offering them again?
Thanks
All high risk lending was pulled from the market across the board in circa March/April.......it's slowly coming back week by week but no one can tell you when that will be.My wife and I recently got an agreement in principal for a Halifax Family Boost mortgage, the type where a guarantor (her parents) put a deposit into an account which makes interest for three years until they get it back. This agreement was then renewed about a month ago with the advisor telling us 'congratulations you're still eligible.' We had seen that they had stopped offering the mortgage to new customers when Coronavirus hit, but had assumed, like idiots, that because we had our agreement we were still eligible.
So, we found a house, put in an offer and were accepted. Excellent! It was then that our advisor told us we couldn't have the mortgage...
The house is still on the market and we are in danger of losing it to someone else. I was wondering is anyone knows why they have stopped offering these types of mortgages and when, if at all, they will begin offering them again?
Thanks
I have about 6 clients waiting for 95% rates to appear again.......
Your advisor should be sourcing this from another lender for you if possible.....
Thanks for your reply. As far as I know, Halifax, Lloyds and Barclays are the only banks that offer these help to buy mortgages?
We went through the bank directly so no mortgage adviser per se, just a bank advisor.
I believe they see it as 100% mortgage. Starting to wonder if we could get 5% together ourselves whether we would be better off with a regular 95% mortgage.
We went through the bank directly so no mortgage adviser per se, just a bank advisor.
I believe they see it as 100% mortgage. Starting to wonder if we could get 5% together ourselves whether we would be better off with a regular 95% mortgage.
TurbosSuck said:
Thanks for your reply. As far as I know, Halifax, Lloyds and Barclays are the only banks that offer these help to buy mortgages?
We went through the bank directly so no mortgage adviser per se, just a bank advisor.
I believe they see it as 100% mortgage. Starting to wonder if we could get 5% together ourselves whether we would be better off with a regular 95% mortgage.
Well, as it stands currently, there are no 95% rates to choose currently either..........but I'd imagine 95% rates will reappear before these 100% Family Assist mortgages............We went through the bank directly so no mortgage adviser per se, just a bank advisor.
I believe they see it as 100% mortgage. Starting to wonder if we could get 5% together ourselves whether we would be better off with a regular 95% mortgage.
TurbosSuck said:
Thanks for your reply. As far as I know, Halifax, Lloyds and Barclays are the only banks that offer these help to buy mortgages?
We went through the bank directly so no mortgage adviser per se, just a bank advisor.
I believe they see it as 100% mortgage. Starting to wonder if we could get 5% together ourselves whether we would be better off with a regular 95% mortgage.
If you've not already then get a conversation going with Sarnie- email, whatsapp, even the phone. He will sort out whatever is sortoutable for you. He's done three for my family, none of which were simple and I recommend him to everyone I knowWe went through the bank directly so no mortgage adviser per se, just a bank advisor.
I believe they see it as 100% mortgage. Starting to wonder if we could get 5% together ourselves whether we would be better off with a regular 95% mortgage.
tty situation for us last year
We have spoken to our respective families and might be able to make 10%
But can anyone explain to me please how these family boost type mortgages compare with regular ones. My wife's parents were originally going to put in 10% (which they would get back) but the mortgage was known as 100% and the monthlies were circa £850. That would last for three years and then we would re-mortgage, but what would we own or have paid off of our house in that time?
The reason I ask is that a regular 10% mortgage doesn't work out that much cheaper, perhaps £780 per month, but there are loads of fees and solicitor costs on top.
But can anyone explain to me please how these family boost type mortgages compare with regular ones. My wife's parents were originally going to put in 10% (which they would get back) but the mortgage was known as 100% and the monthlies were circa £850. That would last for three years and then we would re-mortgage, but what would we own or have paid off of our house in that time?
The reason I ask is that a regular 10% mortgage doesn't work out that much cheaper, perhaps £780 per month, but there are loads of fees and solicitor costs on top.
red_slr said:
Why don't the family gift you the deposit? Problem solved?
Seems a convoluted way to do things which have worked perfectly for the last 20,30,40 years?
The main idea of the family boost style mortgages is that they get their money back after the first 3 years. Neither of our parents are rich by any standards so may not be able to gift us the money outright.Seems a convoluted way to do things which have worked perfectly for the last 20,30,40 years?
TurbosSuck said:
We have spoken to our respective families and might be able to make 10%
But can anyone explain to me please how these family boost type mortgages compare with regular ones. My wife's parents were originally going to put in 10% (which they would get back) but the mortgage was known as 100% and the monthlies were circa £850. That would last for three years and then we would re-mortgage, but what would we own or have paid off of our house in that time?
The reason I ask is that a regular 10% mortgage doesn't work out that much cheaper, perhaps £780 per month, but there are loads of fees and solicitor costs on top.
It would depend massively on interest rate and fees.But can anyone explain to me please how these family boost type mortgages compare with regular ones. My wife's parents were originally going to put in 10% (which they would get back) but the mortgage was known as 100% and the monthlies were circa £850. That would last for three years and then we would re-mortgage, but what would we own or have paid off of our house in that time?
The reason I ask is that a regular 10% mortgage doesn't work out that much cheaper, perhaps £780 per month, but there are loads of fees and solicitor costs on top.
But it would be cheaper for them to give you the money and then you give it back after 3 years - which is basically what the guarantor mortgages are but jazzed up.
TurbosSuck said:
We have spoken to our respective families and might be able to make 10%
But can anyone explain to me please how these family boost type mortgages compare with regular ones. My wife's parents were originally going to put in 10% (which they would get back) but the mortgage was known as 100% and the monthlies were circa £850. That would last for three years and then we would re-mortgage, but what would we own or have paid off of our house in that time?
The reason I ask is that a regular 10% mortgage doesn't work out that much cheaper, perhaps £780 per month, but there are loads of fees and solicitor costs on top.
Solicitors shouldn't be different in any way.But can anyone explain to me please how these family boost type mortgages compare with regular ones. My wife's parents were originally going to put in 10% (which they would get back) but the mortgage was known as 100% and the monthlies were circa £850. That would last for three years and then we would re-mortgage, but what would we own or have paid off of our house in that time?
The reason I ask is that a regular 10% mortgage doesn't work out that much cheaper, perhaps £780 per month, but there are loads of fees and solicitor costs on top.
There are plenty of fee free mortgage products out there......
Do yourself a favour and go with Liam/Sarnie. Sounds like you really need someone good advising you.
You won't like this, but if you don't have two brass farthings to rub together for a deposit is now the right time to be buying a house? What if property slumps 10% in a coronavirus recession? This type of sub-prime lending is what led to the 2008 crash and many struggling people in negative equity.
You won't like this, but if you don't have two brass farthings to rub together for a deposit is now the right time to be buying a house? What if property slumps 10% in a coronavirus recession? This type of sub-prime lending is what led to the 2008 crash and many struggling people in negative equity.
Just another recommendation that you speak to Liam (Sarnie) and get his help.
He is incredibly knowledgeable, takes a lot of the hassle off you and has access to deals not available direct to the public.
We recommend him to all of our Private Clients with a mortgage requirement and we would not do this unless we knew he was 100% up to the job (which he is).
He is incredibly knowledgeable, takes a lot of the hassle off you and has access to deals not available direct to the public.
We recommend him to all of our Private Clients with a mortgage requirement and we would not do this unless we knew he was 100% up to the job (which he is).
Sarnie said:
TurbosSuck said:
Thanks for your reply. As far as I know, Halifax, Lloyds and Barclays are the only banks that offer these help to buy mortgages?
We went through the bank directly so no mortgage adviser per se, just a bank advisor.
I believe they see it as 100% mortgage. Starting to wonder if we could get 5% together ourselves whether we would be better off with a regular 95% mortgage.
Well, as it stands currently, there are no 95% rates to choose currently either..........but I'd imagine 95% rates will reappear before these 100% Family Assist mortgages............We went through the bank directly so no mortgage adviser per se, just a bank advisor.
I believe they see it as 100% mortgage. Starting to wonder if we could get 5% together ourselves whether we would be better off with a regular 95% mortgage.
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