Mortgage guarantee scheme
Halifax Intermediaries is supporting the Government Mortgage Guarantee Scheme for purchase mortgage applications over 90% loan to value (LTV).
The 'Homebuyer Special' scheme must be selected when keying an application on Halifax Intermediaries Online.
The following criteria applies:
- First time buyers and home movers
- Purchase applications only, no remortgages
- Maximum loan amount of £570,000
- Available for loans >90% up to 95% LTV; product fees cannot be added above 95% and loan amount plus any incentives plus any product fee added cannot exceed 95%.
- Minimum 5% personal deposit is required
- This must be the customers only residence and they must not have an interest in any other properties such as a second home or buy to let
- New build houses/bungalows (not flats) are included
- No other 'schemes' can be selected (shared equity, shared ownership, right to buy not acceptable)
- An enhanced credit score requirement will be applied to any applications on this scheme
- A maximum 4.49x loan to income (LTI) cap will be applied as part of our affordability assessment
- Current credit commitments will be deducted as ongoing in our affordability calculation even when declared as 'to be repaid' at or before completion. The loan amount must be affordable with these commitments deducted as remaining.
- Lending into retirement is allowed subject to normal criteria.