Government mortgage schemes

Philip1980

I bought my property in November 2014 with a 20% equity loan through Help to Buy. In order to potentially take advantage of the low interest rates at the moment, when the 2nd year of my 3 year fix is over, in November 2016, I may be looking to remortgage if the ERP is less than the saving I would make on the remortgage,

The question I have is relating to the repayment of the Help to Buy Loan. If I am in a position to remortgage to the full amount (as I'm overpaying on my mortgage) e.g. remaining mortgage value + 20% ex-Help to Buy, how would I pay back the 20% to the Help to Buy agent?

Indicative figures are outstanding mortgage of £116,000, 20% Help to Buy loan of £34,000, so if I could remortgage at the £150,000, how would I pay back the £34,000 to the Help to Buy agent as I physically wouldn't be paid the £34,000?

kingstreet

Like any other remortgage.

The funds would be ordered by the solicitor representing you and paid out to the old lender and post-sales HTB Agent and the two charges would be removed and replaced by that of the new lender.

Current post-sales HTB Agent website;-

http://www.myfirsthome.org.uk/

NancyBaby

Please can someone help me? My son and his partner bought a place in the spring with 20% Equity Loan. Girlfriend left 4 weeks later. Trying to change the loan to his brother who is taking over but TARGET tell us its not possible to change over any more. What can he do?

Samikins77

Hi,
I'm trying to weigh up whether to go for shared ownership or help to buy. I live in London, and I was wondering if anyone had had any good experiences with any advisors that can help you weigh up all the costs, etc for each option so I can make an educated decision. For example, what happens with stamp duty in each case. Likely fees in each case, etc.
Thanks,


(also, I don't really know how to submit a new post, so this might come up as a reply to someone?! )

Mr_Moomin

Hi - friend of mine is Separating and needs to remove ex of the Help to Buy but is having difficulties with this. They are saying that this can only be done if it goes into one name - ie on their own but they want this to be with another person.
There seems to be a huge gap in process here and no one seems to if this can be completed or not:mad:?????

Any help pls?

Thanks

kingstreet

No idea.

If Target say it can be done, it can. If they say it can't, it can't. They run the show for HMG.

Presumably there's a one-on, one-off transfer of equity and same happening with the mortgage?

woolgar.c

Hi,

Looking a bit of advice - we bought a property in 2014 for 215k, with 20% of that being the HTB equity loan. As we would start paying fees on it soon we're working out our options & we presume it is better to get rid of the equity loan as soon as we can.

Approx current value of home 259k
Approx savings we have 28k

I see our options as -
1) pay back 10% (25900 + surveyor, solicitor & HTB fees)
2) remortgage for the 20% & put the 28k into the mortgage (would we pay this in then remortgage or pay it as part of the remortgage?)

Concerns -
1) the remaining 10% owed will continue to increase & we would need to re-pay fees again when we can do this
2) unsure how much we can borrow at present, fixed interest rate until Nov 2018 so unsure if we should try to remortgage early

For more detailed advice should we just look for a financial adviser? do we need to check they meet any specific criteria?

Thanks

SuboJvR

How much is left on your mortgage?

Do you have any limitations on how much you can overpay?

I must admit I'm not sure of the best way to do things but I was going to aim to try and pay more of the mortgage off for our HTB to hopefully remortgage at the five year mark to cover the HTB loan then... I think..

woolgar.c

Good questions.
We can overpay by 10% each year & have approx. 153000 left to pay.
We're thinking we may overpay this year & next, & then apply for additional borrowing from mortgage company to pay off the equity loan (before house prices go up further & it gets more expensive to pay back)- seems Halifax don't enable a remortgage to cover everything in one product.

primrose26

I wonder if anyone might be able to help.
My daughter bought a shared ownership house a few years ago - she bought 50% and rents 50%. The original contract states that she is only allowed to buy 80% in total.
She is about to finish paying for the 50% as she has been gifted some money.
Has anyone managed to challenge the original contract and been granted the ability to buy 100% of the property?

The reason she would like to be able to do this is that she has 3 children of her own and has just adopted another child - this was not really a planned adoption but in the best interests of the child. Their house is now too small for them and they would like to extend - buying a new house is :out of the question financially (cannot borrow on salary). The housing association would
a. not permit this
b. still own 20% of the house and therefore 20% of any extension, so better to own 100%.

Any help on this would be very much appreciated