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Help to buy scheme
cavework
Posts: 1,992 Forumite
Son has bought his first house using this on his sole income .
Son has more than enough to pay the mortgage but wants to overpay,
Is there a better way he could use the over payments to ensure he has paid off the HTB as fast as possible?
Hope this makes sense
Thanks
Son has more than enough to pay the mortgage but wants to overpay,
Is there a better way he could use the over payments to ensure he has paid off the HTB as fast as possible?
Hope this makes sense
Thanks
0
Comments
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Put the amount in a savings account over 5 years then repay in fullDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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Thanks , that s the advice we have given...
his mortgage only allows a 10% overpayment per year and the loan from the help to buy is linked into the increase of the property value after 5 years.
How about tax free ISAS?
He wants to pay off the 20K HTB ASAP0 -
Save the money into an ISA then repay when the 5 years is up.0
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It's actually based on the property value whenever it's repaid, during, or after the first five years.the help to buy is linked into the increase of the property value after 5 yearsI 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 -
so this is the debt he has to concentrate on paying off as early as possible?
He is in a position to do this but what about the other people stretched to the limit now who face this in the future??? increases in interest rates ?
Re mortgage ... negative equity?
Now I am getting this
Thank you0 -
If the value of the house goes down, so does the HTB loan, however if it goes up, you owe more to the HCA.0
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