9 reasons your Help to buy equity loan was declined

Why would your help to buy equity loan be declined?

Your help to buy equity loan could be declined if you don’t meet any of the help to buy equity loan eligibility requirements.

Your help to buy equity loan could be rejected by the help to buy agency for a variety of reasons if your help to buy equity loan is declined you should ask the help to buy agency for the reasons why your help to buy equity loan was declined.

Here are a few reasons why Your help to buy equity loan could be declined:

• If you don’t have the minimum 5% mortgage deposit you may be declined for a help to buy equity loan
• If the purpose of using the help to buy equity loan is to rent out the house or as a replacement for a buy to let mortgage then it could be declined.
• If you have any overdue payments on any loans, a county court judgments (CCJ) on your credit file for more than £500 or a bankruptcy order on your credit file within the last 3 years then your help to buy equity loan could be declined.
• If you are not a first-time buyer (you will be required to sign a first time buyer declaration when claming for the help to buy benefits.) or a home mover your help to buy equity loan could be declined:
• You can only use a repayment mortgage with your help to buy equity loan
• The maximum property price you can use the help to buy equity loan for is £600,000, anything above this will be declined.
• Your help to buy equity loan could be declined if you own any property in the world at the time of purchase.
• You cannot use any other Government scheme in conjunction with Help to Buy equity loan aside from your help to buy ISA.
• In this brief guide, we discussed your help to buy equity loan being declined on the basis of you not meeting the eligibility requirements for the help to buy equity loan.
• You may also be declined a help to buy mortgage to go with your help to buy equity loan if you don’t meet a mortgage lender’s lending criteria.
• You should consult a suitable help to buy mortgage broker who can assist you in finding the right mortgage options for your help to buy property purchase.

If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.

You can also contact the debt charity “Step Change” if you are in debt and need help.