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    • Villa1983
    • By Villa1983 12th Feb 18, 1:44 PM
    • 3Posts
    • 0Thanks
    Villa1983
    Help to buy - Santander
    • #1
    • 12th Feb 18, 1:44 PM
    Help to buy - Santander 12th Feb 18 at 1:44 PM
    Hi

    Im after a bit of information if possible. I bought a house 3 year ago with the help to buy scheme for 160000 and used a deposit of 10000. I have been looking at my mortgage statements from Santander recently and it states that our mortgage is a help to buy mortgage, but we still owe 145000. Does any one know if it is normal for the equity loan to be integrated into the mortgage as I was under the impression that the two were kept separate ie wed owe 120000 on mortgage and 30000 to the government which starts to be paid back after 5 years.

    I have tried ringing Santander but their staff have not been very helpful in explaining the circumstances clearly. The way I am seeing it is that we have been paying interest on the full 150000 and not just the 120000 that we have loaned.

    Thanks for the response in advance.
Page 1
    • kingstreet
    • By kingstreet 12th Feb 18, 2:30 PM
    • 32,870 Posts
    • 17,704 Thanks
    kingstreet
    • #2
    • 12th Feb 18, 2:30 PM
    • #2
    • 12th Feb 18, 2:30 PM
    Which HTB scheme?

    Mortgage Guarantee, upto 95% on any property or Equity Loan, upto 75% on a newbuild only, with upto 20% Government Equity Loan and a minimum 5% deposit?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Villa1983
    • By Villa1983 12th Feb 18, 3:15 PM
    • 3 Posts
    • 0 Thanks
    Villa1983
    • #3
    • 12th Feb 18, 3:15 PM
    • #3
    • 12th Feb 18, 3:15 PM
    Thanks for the quick reply. Its the mortgage guarantee on an older property. The only thing that is confusing me is that we have a schedule for when and how much we need to pay back to the government after the five years have complete, which I find strange.
    • Pixie5740
    • By Pixie5740 12th Feb 18, 3:23 PM
    • 11,649 Posts
    • 16,391 Thanks
    Pixie5740
    • #4
    • 12th Feb 18, 3:23 PM
    • #4
    • 12th Feb 18, 3:23 PM
    If you didn't buy a new build and used HTB Mortgage Guarantee then you should have an equity loan. Who gave you the schedule for paying back an equity loan and when did you get it?
    • kingstreet
    • By kingstreet 12th Feb 18, 3:35 PM
    • 32,870 Posts
    • 17,704 Thanks
    kingstreet
    • #5
    • 12th Feb 18, 3:35 PM
    • #5
    • 12th Feb 18, 3:35 PM
    If you didn't buy a new build and used HTB Mortgage Guarantee then you shouldn't have an equity loan. Who gave you the schedule for paying back an equity loan and when did you get it?
    Originally posted by Pixie5740
    Shouldn't?

    The HTB Equity Loan scheme wasn't available on older property. All you have OP is a bigger mortgage.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Pixie5740
    • By Pixie5740 12th Feb 18, 3:44 PM
    • 11,649 Posts
    • 16,391 Thanks
    Pixie5740
    • #6
    • 12th Feb 18, 3:44 PM
    • #6
    • 12th Feb 18, 3:44 PM
    Shouldn't?

    The HTB Equity Loan scheme wasn't available on older property. All you have OP is a bigger mortgage.
    Originally posted by kingstreet
    Would you prefer "shall not" have an equity loan?
    • Villa1983
    • By Villa1983 12th Feb 18, 3:46 PM
    • 3 Posts
    • 0 Thanks
    Villa1983
    • #7
    • 12th Feb 18, 3:46 PM
    • #7
    • 12th Feb 18, 3:46 PM
    Yes that makes sense, the payment schedule came from the mortgage broker that we used at the time. When I spoke to Santander they seemed a bit confused as to why I thought that the government had any equity in the house. That makes thing slightly easier now as we are looking to move on.

    Thanks again for your reply!!!8217;s
    • kingstreet
    • By kingstreet 12th Feb 18, 5:18 PM
    • 32,870 Posts
    • 17,704 Thanks
    kingstreet
    • #8
    • 12th Feb 18, 5:18 PM
    • #8
    • 12th Feb 18, 5:18 PM
    Would you prefer "shall not" have an equity loan?
    Originally posted by Pixie5740
    If you didn't buy a new build and used HTB Mortgage Guarantee then you should have an equity loan.
    Originally posted by Pixie5740
    "Should have" was obviously a typo, so I put an amendment in.

    Was just trying to be helpful.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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