Anyone help with FIRSTBUY remortgage?

MoneyD

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.

Thrugelmir

MoneyD wrote: »

We were planning on remortgaging after 5 years to pay off the equity loan.

Unless the property rises in value you are unlikely to have sufficient equity to achieve this.