When a customer comes to you with a new build property they’ve fallen in love with, have you struggled to place them with a suitable lender? Some high street banks may not be keen but we could help.
Our new build criteria gives your customer a better chance of realising their dream. Even if they’ve been declined by a high street lender, our extensive range of Help to Buy products could help to make that dream a reality.
The Government’s Help to Buy scheme is available exclusively to residential customers buying a new build property and offers extra funding for London properties.
Before submitting an application on this product you should ensure your customer is aware of the implications of taking a Shared Equity Loan as part of the financing of the purchase of their home.
Payments will be required on the Shared Equity Loan after five years in addition to the repayments on the loan the customer takes with us. Your customer should consider how they will repay this loan and understand that if house prices go up the amount they have to repay as part of the Shared Equity loan will go up.
For further information on the Help to Buy shared equity Loan Scheme your customer should go to: www.gov.uk/affordable-home-ownership-schemes/help-to-buy-equity-loans and ensure they fully understand how the scheme works.
LIBOR Trackers and the reversion rate are variable rates that are linked to 3 month LIBOR and will change quarterly on 12 March, 12 June, 12 September, 12 December. Please note if this date falls on a non-working day then the LIBOR rate will be taken on the previous working day.
All of our LIBOR tracker products have a floor. This means that if LIBOR were to fall to 0.00% or less the rate payable will be 0.00% plus the agreed set percentage above LIBOR. This means that the rate payable will never go below 0.00% plus the additional percentage rate of the tracker mortgage.