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Help to buy, are you paying for it during the first 5 years?
DBGage
Posts: 86 Forumite
When you start paying your mortgage, part of the monthly payment is also paying the help to buy scheme off?
It's just the interest you're not paying for the first 5 years?
Or after 5 years are there extra help to buy scheme payments on top of your mortgage with the interest too?
It's just the interest you're not paying for the first 5 years?
Or after 5 years are there extra help to buy scheme payments on top of your mortgage with the interest too?
0
Comments
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The HTB Equity loan is payment-free for five years. After five years, you begin to pay a "fee" on it, which starts out at 1.75% and this increases each year.
You do not repay any of the capital until/unless you;-
- sell the property
- repay lump sums voluntarily
- repay from your own resources at the end of the mortgage term.
The equity loan and the mortgage are completely unrelated. The payments you make to your mortgage lender have no connection with the equity loan.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.0 -
Thanks for your help.0
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You may find this helpful;-
http://www.homesandcommunities.co.uk/sites/default/files/our-work/help_to_buy_buyers_guide_august_2013.pdf
and there's a list of the HCA HomeBuy Agents in the back cover.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.0
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