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Help to buy - end of fixed mortgage period
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dazanteney4
Posts: 200 Forumite
Hi Everyone,
Myself and my wife purchased a home using the help to buy equity loan scheme with the value of loan being 20%.
We are coming to the end of our fixed period on our mortgage (3 yr fixed), can we move the EL into the mortgage or two i have to have a "second" mortgage for the value of the loan.
Which is the best option if both are available? Or should i fix the mortgage again for another two years then "absorb" the loan?
Our outstanding mortgage is £118,000ish and the value of the house is about £225,000 we est looking at houses around our estate.
Thank you.
Myself and my wife purchased a home using the help to buy equity loan scheme with the value of loan being 20%.
We are coming to the end of our fixed period on our mortgage (3 yr fixed), can we move the EL into the mortgage or two i have to have a "second" mortgage for the value of the loan.
Which is the best option if both are available? Or should i fix the mortgage again for another two years then "absorb" the loan?
Our outstanding mortgage is £118,000ish and the value of the house is about £225,000 we est looking at houses around our estate.
Thank you.
0
Comments
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You could remortgage the whole amount (existing mortgage and equity loan) to a new lender.
You could remortgage the mortgage to a new lender and leave the equity loan in situ.
You could ask your current lender for a further advance to repay the equity loan and for a customer retention product for the existing mortgage.
All subject to affordability, status etc.
Speak to an experienced independent broker to cover all the potential pros and cons of each.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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