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Paying off Help to Buy
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Tornado123
Posts: 4 Newbie
Hey Folks,
Me and my partner bought a house using the help to buy scheme. After 5 years we will have to start paying interest on the help to buy and I am also aware we can only pay off the help to buy in 1 or 2 lump sums after having our house revalued.
My question is, once 5 years is up we want to pay off the full help to buy amount. Will it be fairly easy to remortgage our house and pay off the help to buy? Or is it something lenders wont be too confident doing? Aside from the mortgage neither of us have any credit issues or debt.
Thanks
Me and my partner bought a house using the help to buy scheme. After 5 years we will have to start paying interest on the help to buy and I am also aware we can only pay off the help to buy in 1 or 2 lump sums after having our house revalued.
My question is, once 5 years is up we want to pay off the full help to buy amount. Will it be fairly easy to remortgage our house and pay off the help to buy? Or is it something lenders wont be too confident doing? Aside from the mortgage neither of us have any credit issues or debt.
Thanks
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Comments
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House was 200k. So borrowed 40k on the help to buy.0
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Really depends on the house value when you remortgage and lenders' attitude to borrowing and you having the income to justify the size of mortgage you want.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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