Features and benefits
- With Helping Hand, your first time buyers could borrow up to 6x their income. That's up to 33% more
- It's available up to 95% LTV, across our 5 and 10 year fixed rated mortgages
- Your clients could enjoy £500 cashback on completion and up to £500 more for energy efficient homes. Please visit our Green Reward page for more information.
Eligibility
Below you'll find the eligibility criteria for your clients. The availability of Helping Hand is subject to many factors, including, but not limited to, credit score, how much debt the applicant has, etc.
- All applicants must be first time buyers
- 5 and 10 year fixed rates available at all LTV tiers up to 95%
- Minimum income of £35k sole applicant, £55k for joint applicants. You can include all income sources (except self-employed income)
- The maximum lending limits depend on the application. See our LTV and maximum loan size criteria.
Meeting the criteria doesn't guarantee we'll offer your clients Helping Hand.
We won’t accept applications with the following:
- Self-employed income for either applicant
- In conjunction with any scheme or non-standard ownership type (for example Deposit Unlock, First Homes, Shared Ownership, Genuine Bargain Price, Right to Buy and Help to Buy)
- Interest Only.
Tip:
Where Helping Hand is offered to your clients it's only available to first time buyers on the original purchase. It won't be available on any subsequent transactions, such as additional borrowing where standard criteria applies.
Next Steps
- To find out if your client requires the higher borrowing offered by Helping Hand please use the Affordability calculator
- For all eligible first time buyers, the Affordability calculator will indicate two maximum affordable amounts, one for standard and one for Helping Hand
- Where you require Helping Hand for affordability, you'll need to select ‘Fixed Rate (5 years or more)’ on the ‘Product Type’ question within Loan Requirements of your Decision in Principle (DIP)
- If you key a DIP on a standard lending basis but this is unaffordable, you'll have the option to resubmit the DIP using Helping Hand on a 5 or 10 year fixed rate
- If your client isn't offered Helping Hand, this may be down to a number of different factors which we're unable to provide further details of.
Amending a fully submitted application to Helping Hand
If you've submitted a Full Mortgage Application which has failed affordability. And you want to amend it to Helping Hand to increase the affordability, you'll need to state that the application requires 'Helping Hand'. You'll also need to change the product to a Fixed Rate of 5 years or more.
You can do this by either:
