Adding a new reservation - Finance - HTB Finance Journey

This article will take you through the Help To Buy Finance journey of the reservation.

We will ask for information regarding the Help To Buy documentation, Deposit amount, Mortgage details, Mortgage Broker, and Proof of Funds.

This article includes: 

• Deposit Amount
• Mortgage Details
• Property Information form
• Help To Buy Funding
• Proof of Funds
• Mortgage & Mortgage Broker

Deposit Amount

In the Deposit Amount section, we ask all buyers to enter the deposit amount in the Price field.

Yourkeys will default this price to 10% of the Agreed Price listed at the top of the page, however, this amount can be edited. 

When edited, the deposit amount will also show the total percentage of deposit the buyer will pay between 10% and 100%.

Mortgage Details

The Mortgage Details section is only visible to buyers who selected Mortgage in the Pricing step.

This section asks whether the buyer plans to live at the property as an occupier or is purchasing as Buy To Let.

Simply choose the relevant answer and click Save & next.

Property Information form

The Property Information form will only need to be completed by those purchasing the property with a Help To Buy Loan.

This form must be completed and sent to the relevant Help To Buy agent in order to be approved by the scheme. Once you have been deemed eligible for the scheme, you will receive an Authority to Proceed form from the agent within 5 days.

You will find that the appropriate region and Help to Buy agent details are already populated on this page, but we will ask who will complete the form:

• The seller or agent will complete it
• The mortgage broker or IFA will complete it

If you choose to complete this form, you will need to state this has been completed and submitted at the end of the reservation journey.

If you have any questions regarding the Help to Buy Property Information form, you can use the contact details for your local Help to Buy agent who can assist.

Help To Buy Funding

In the Help To Buy Funding section, we will ask you to indicate how the Help to Buy funding will be allocated. This is a mandatory step that cannot be skipped when reserving with a Help To Buy Loan.

We will automatically display the Agreed Price, which the funding total must match. We will ask you to allocate the amount for the following funds:

• Deposit amount
• Mortgage Amount
• Help to Buy Equity Loan amount

We will also automatically list the minimum and maximum loan approval amounts allowed for each region.

The Help to Buy Region for your specific development will be set in your development settings, allowing Yourkeys to automatically set the correct percentage.

Once this is completed, click Save & next to move on to the next section.

Proof of Funds

Once the proof of funds total has been entered and matches the Agreed Price, the next step is to enter additional details for each fund selected.

We provide 7 relevant sections which, when totalled, match the total price figure:

• Savings
• Gift
• Sale of Properties
• Proceeds from the sale of investments
• Private loan
• Inheritance
• Other

When the step is completed, you'll be automatically brought back to the full list of funds.

We may require additional details on each of the fund types specified, more information on this can be found here.

You can click Start to complete each section. Once completed, click Save & next to continue.

Mortgage & Mortgage Broker

If you have allocated part of the total funds as Mortgage, we will ask some additional questions.

To start this process, click Start.

The buyer has a Mortgage Broker or Lender

We will ask if the buyer has a mortgage broker. You'll be able to search our list of brokers, or alternatively, you also have the option of entering the broker details manually. To do this, click Enter manually. If the buyer is dealing with a particular contact at this brokerage, you can enter their details so we can send them the Document Set (minus the draft contract pack.)

We will also ask if they have a mortgage lender, and if so, you can search our platform for them. You also have the option to upload an Agreement in Principle (AIP) via the Upload box to select the file from your computer. The Document Set sent to the buyer's conveyancer will also be sent to the broker detailed in this step.

The buyer does not have a Mortgage Broker or Lender

If the buyer does not have a mortgage broker, or you do not have a broker you would like to put forward, you will be given the option to financially qualify your buyer(s) through our partner, Mortgage Advice Bureau. If you would like to use this option, they can contact your buyer within 60 minutes (Monday-Saturday) or alternatively, you can select a specific date and time.

Once completed, a tick box at the bottom will ask if the buyer is happy to give their conveyancer permission to pay their mortgage broker's invoice on their behalf. While this doesn't guarantee their conveyancer will agree to this, we will automatically send the conveyancer this information on a Transaction Information form to choose whether to proceed or not.

Once completed, click Save & next to continue to Choose your Conveyancer.