Important Information - Q&As
Q: How has my client heard about OMHB?
A: Before coming to you your client will have visited a Government Appointed HomeBuy Agent who will have assessed their eligibility to the scheme. On qualification for the scheme the HomeBuy Agent will tell the client they need to visit and intermediary or IFA to apply for the product.
Back to topQ: How can I get in contact with the HomeBuy Agents?
A: There are 23 HomeBuy Agents across the UK. Information and details for each one can be found on the Government web site www.communities.gov.uk
Q: Are there any special verification of money laundering procedures for Open Market applications?
A: No. the application process is described here all paperwork should be sent, faxed or e-mailed to:
Halifax Open Market HomeBuy Team
Halifax
2 Alexandra Gate
Pengam Green
Cardiff
CF2 2SA
e-mail: info@halifax-omhb.co.uk
Fax: 0845 888 8883
Q: Why can't I send my application through Halifax Intermediaries Online?
A: As this is a pilot the decision was made to launch with a dedicated team instead of online. During the pilot we will assess future functionality through the online application system.
Q: Will I be paid a proc fee?
A: Yes. A proc fee of 0.35% will be paid on all Open Market HomeBuy cases the month following completion.
Q: How will my proc fee be paid?
A: This will be paid on a separate statement by the 25th of the month following completion.
Q: Do normal Affordability Calculations apply?
A: Yes. Normal affordability calculations apply. You can use our mortgage affordability calculator to calculate the lending limit for your clients.
Q: Can this product be mixed and matched?
A: No. This product cannot be mixed with any other Halifax product.
Q: Does my client receive any information on the second equity loan from the HomeBuy Agent?
A: Yes. Your client will have an arrangement with the HomeBuy Agent about this part of the loan.
Q: Is interest charged on a daily basis?
A: Yes. Interest is charged on a daily basis.
Q: What if my clients have a deposit, are they able to use this?
A: Yes. The deposit would come off the Government (12.5%) equity stake. They can make up to a 12.4% deposit. If your client has more of a deposit than this they would not be eligible for the scheme. As long as there is 0.1% of Government lending we are happy to offer the OMHB scheme.
Q: Will I get a copy of the KFI?
A: Yes. Both the Intermediary and the client get a copy of the KFI.
Q: Does the KFI show the Government equity stake?
A: No. Information on this part of the loan is provided by the HomeBuy Agent directly to the client.
Q: Are there any special verification of money laundering procedures for Open Market HomeBuy applications?
A: No. The process is the same as a normal case. Please click here for more information in our lending guide.
Q: How does my client pay the valuation fee?
A: By credit or debit card. Your client's details are taken at Full Application stage.
Q: Is the scheme available direct or through the branches?
A: No. OMHB can only be undertaken through the Intermediary channel and a HomeBuy Agent.
Q: Where do I find out what products are available for the OMHB scheme?
A: As normal, you can use our product matrix to look at the products on offer for OHMB.
Q: Can I do a KFI or Mortgage Promise without submitting a Full Application?
A: Yes. You can submit an application for any of the stages above through the OMHB team.
Q: How many applicants can apply?
A: The maximum number of applicants is 2.
Q: Can there be a guarantor?
A: No. Guarantors are not permitted on the OMHB scheme.
