Homeowners who utilized the government’s help-to-buy loan scheme to purchase property are still encountering delays in obtaining essential paperwork. This comes despite assurances from the Homes England agency, which manages the program, that it is addressing the issue.
Numerous borrowers have reported that these problems at Homes England have jeopardized sales and caused delays in remortgaging, resulting in potential financial losses.
One couple, who requested to remain anonymous, has been attempting to remortgage their home in southwest England for several weeks. Despite their solicitor’s repeated requests for paperwork, which should have been provided within five days according to the government website, they are still struggling to obtain the necessary documents.
The looming deadline for their new mortgage offer adds to their stress. If the mortgage offer expires, they will be forced to search for another mortgage with a higher interest rate, potentially leaving them thousands or even tens of thousands of pounds out of pocket.
Help to Buy was introduced in 2013 to assist individuals in entering the housing market and closed to new applicants in October 2022. Over 380,000 households have utilized the scheme. Borrowers are required to repay the loan if they sell the property or begin paying interest on it after five years. Many individuals seeking to remortgage plan to pay off their help-to-buy loan concurrently.
The issues with the program surfaced last month after the administration was handed over to a new company called Lenvi. Despite the change, borrowers continue to express their frustrations and complaints on online forums and social media platforms.
On Twitter, desperate sellers have reached out to the @helptobuy account, detailing their difficulties in reaching Homes England via phone or email and pleading for assistance with obtaining crucial documents.
Labour MP Ruth Cadbury took to Twitter to voice her concerns and reveal that she had written to the government regarding this issue. She criticized the reliance on outsourced services that fail to deliver for the public.
Homes England has been unable to comment on individual cases but confirmed that the specific case of the couple in southwest England has been resolved. The organization stated that it is working closely with the Department for Levelling Up, Housing and Communities to support affected customers and improve response times.
Managing mortgage activity can be a challenging and stressful experience, and the circumstances for each individual can be unique and complex. Homes England expressed their sincere apologies to customers who have experienced delays and assured them of their commitment to resolving these issues and providing future support.
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