We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. 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!

Moving home (already have a HELP TO BUY LOAN).

The_Chandlers
The_Chandlers Posts: 2 Newbie
in Mortgages & endowments
Right,
We bought our home 1.5 years ago with the help to buy. We have decided it is too small now as children will be coming along in the near future.
How do we move to a bigger home? Can the help to buy be transferred to the new house? Does it have to be paid off first? We have no idea and contacting the company does not help at all as their call lines are always busy and their emails are no help at all!

Thanks :)

Comments

  • kingstreet
    kingstreet Posts: 39,314 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The equity loan is repaid from the sale proceeds, same as your mortgage.

    The equity left over becomes your deposit. Your new mortgage money and new equity loan if you go newbuild HTB again will all go to your solicitor to buy the next one.

    Target is the new post-sales HTB Agent from 01/10/2016 so if you are ringing HOP, wait until next week.
    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.
  • ap1985
    ap1985 Posts: 325 Forumite
    My understanding is that you will be unable to use HTB again as it is only for first time buyers and technically you won't be considered to be a first time buyer. However as Kingstreet mentioned the equity from the sale of current home will be used to pay off the equity loan and the remaining amount if any can be used towards your deposit.
    :jFinally going to be a homeowner:T
  • kingstreet
    kingstreet Posts: 39,314 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ap1985 wrote: »
    My understanding is that you will be unable to use HTB again as it is only for first time buyers
    That is not the case.

    https://www.helptobuy.gov.uk/equity-loan/eligibility/
    Equity loans are available to first time buyers as well as homeowners looking to move. The home you want to buy must be newly built with a price tag of up to £600,000
    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.
  • ap1985
    ap1985 Posts: 325 Forumite
    kingstreet wrote: »
    That is not the case.

    https://www.helptobuy.gov.uk/equity-loan/eligibility/


    Apologies your correct. I did not realise this was the case.
    :jFinally going to be a homeowner:T
  • Arlo
    Arlo Posts: 27 Forumite
    We have just sold our house & paid off our loan, like you only moved in beginning of 2015! (Wrong area & a shared drive nightmare)
    Luckily we got in before the new company took over, there is now an admin fee to pay. The whole process takes 10 weeks but you can complete 4 weeks after they receive your valuation & offer details.
    We have a new mortgage dip & using htb again, smaller house but in a better area & no shared drive!

    If you want to know anything else about the process, I'll try answer it
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.7K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.7K Work, Benefits & Business
  • 600.1K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture