We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. 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!
Open Market Homebuy
Options
ronny147
Posts: 58 Forumite
9 years ago we bought out first property using the Open Market Homebuy scheme. This meant the 10% was a loan raised for the deposit. You are meant to return the 10% on sale of property.
We are looking to move but have struggled to sell (for a couple of reasons). So we would like to look into moving to a Let to Buy mortgage and remortgaging the equity to use as a deposit.
Would we be able to remortgage against the full value to achieve the 25% needed (and 10% deposit and sdlt), or would we need to remortgage minus the Open Market loan.
We are looking to move but have struggled to sell (for a couple of reasons). So we would like to look into moving to a Let to Buy mortgage and remortgaging the equity to use as a deposit.
Would we be able to remortgage against the full value to achieve the 25% needed (and 10% deposit and sdlt), or would we need to remortgage minus the Open Market loan.
0
Comments
-
You would need to repay the loan.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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.3K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards