Homebuy (or Firstbuy) Direct Remortgage

cyrilthemilkman

Evening all,

I'm after a little bit of help. Three years ago we purchased a property with the help of the Firstbuy direct scheme where the builder and government put a % of the value of the property up for you as an equity loan, to help us buy a property. In my case the builder and government supported me 15% each and I had a mortgage of 70% of the rest, but the property is 100% owned by myself.

At the time we took out a 3 year fixed rate mortgage with the Halifax, this is now approaching the end of this deal and I'm trying to get another deal elsewhere as the one I'm being offered with the Halifax is poor to say the least. If I was a customer of other providers I could shave £150 a month off my payments.

I'm finding it a real struggle though to find providers that will accept a remortgage on this equity loan scheme, has anyone had any experience of getting a remortgage through any provider with this type of scheme? Or even a mortgage broker who understands how this works, as the few I have called are a little hazy on how the scheme I am in works. If I was a customer of other providers I could shave £150 a month off my payments.

If I had of known what a pain in the derriere this was going to be I'd have never bothered the scheme in the first place, and found some other method of raising the neccessary capital.

Any help would be greatly appreciated.

Thanks

The_J

Nationwide and Woolwich/Barclays?

cyrilthemilkman

Cheers J I will give them a bell tomorrow, rung around so many today and a lot of them said they wouldnt touch us with a barge pole as we're on that deal, i got a little deflated.

But will certainly try them.

Thanks

beecher2

Remember you have the option of staying on the SVR, should you wish.

stevied3268

Hi cyrilthemilkman,

Id appreciate your input into how you got on in the end with regards the remortgage? Im just about to go down the first buy route, and after my 5 years is up i am going to want to remortgage like you are were rather than pay the equity loan direct.