We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
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.
0
Comments
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards