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Tips for paying back Homebuy equity loan.....
lfmp69
Posts: 1 Newbie
Hello
I am on my way to becoming a FTB through the My Choice Homebuy Scheme (via Metropolitan in London). It's been a nightmare at times and has taken way longer than expected to get things moving. Vendor has threatened to withdraw, etc, etc,. Anyway, fingers crossed, all will work out but still not sure.
I am now hoping others will be able to give me ideas around the best way to make the scheme work for me.... i.e. how to deal with the 40% equity loan..... Obviously saving up to pay it back.... any other ideas?? Remortgaging at some point?? I am going with a 5 year fixed mortgage through RBS......
Cheers!
I am on my way to becoming a FTB through the My Choice Homebuy Scheme (via Metropolitan in London). It's been a nightmare at times and has taken way longer than expected to get things moving. Vendor has threatened to withdraw, etc, etc,. Anyway, fingers crossed, all will work out but still not sure.
I am now hoping others will be able to give me ideas around the best way to make the scheme work for me.... i.e. how to deal with the 40% equity loan..... Obviously saving up to pay it back.... any other ideas?? Remortgaging at some point?? I am going with a 5 year fixed mortgage through RBS......
Cheers!
0
Comments
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I'm not really sure but an idea might be to get your LTV down by overpaying on the mortgage. Then when you remortgage would you borrow more and use it to pay off some of the equity loan. MHO will insist on a valuation each time you want to pay some off so best do it for the biggest amount you can.0
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