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Anyone help with FIRSTBUY remortgage?
MoneyD
Posts: 1 Newbie
Hi,
I am new and hope somebody can offer some advice.
3 years ago myself and my husband took out a mortgage under the FirstBuy scheme.
Property price = £140,000
Deposit paid = £7,000
Equity loan = £28,000 (20% of market value), (the house next door which is identical has just sold for £140,000 so presuming loan value is still roughly correct).
We overpaid for the first two years £100 per month, and have been overpaying the mortgage by £250 per month for the past 12 months.
Interest is 2.99 if this is relevant.
We were planning on remortgaging after 5 years to pay off the equity loan.
Will we be allowed to do this? We should have just slighty over 20% equity by then.
I am new and hope somebody can offer some advice.
3 years ago myself and my husband took out a mortgage under the FirstBuy scheme.
Property price = £140,000
Deposit paid = £7,000
Equity loan = £28,000 (20% of market value), (the house next door which is identical has just sold for £140,000 so presuming loan value is still roughly correct).
We overpaid for the first two years £100 per month, and have been overpaying the mortgage by £250 per month for the past 12 months.
Interest is 2.99 if this is relevant.
We were planning on remortgaging after 5 years to pay off the equity loan.
Will we be allowed to do this? We should have just slighty over 20% equity by then.
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