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Remortgage for additional borrowing help to buy
debbie1990
Posts: 25 Forumite
Hi, I hope someone can help or give me any advice. Our current mortgage deal with Halifax is coming to an end. We were looking to borrow an additional £22,000 to pay off some personal debts and add these on to the mortgage. We had an appointment with the Halifax mortgage advisor last week and she advised that as our mortgage was taken out under the help to buy scheme that remortgaging for debt consolidation is not permitted. She also said that we would find it difficult to come across a lender that would be able to do this.
Does anyone know if this is the case or if any lenders allow this? Thanks in advance
Does anyone know if this is the case or if any lenders allow this? Thanks in advance
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Comments
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have you paid off the htb eliment yet?Don'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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How much equity is in the property?0
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Is it HTB Equity Loan (newbuild) or HTB - Mortgage Guarantee (non-newbuild)?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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Equity wise there is about £25,000, It was help to buy equity loan for new build property. As you're probably aware in Scotland there is no set time frame to pay back the help to buy element.0
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That was me basing it off the value of when we bought the property which was £160,000 but Halifax said the index value is £180,000 if that helps.0
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Can anyone shed any light on this before I move over to a new fixed rate deal?0
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You cannot borrow for debt consolidation while the equity loan remains in place.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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