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Taking Out Second Help To Buy Loan
afcj
Posts: 180 Forumite
Afternoon -
I currently have a help to buy equity loan on my property which has now been sold (subject to contracts etc.)
Once complete I'll obviously be paying off the loan with the money made from the sale of the house, but does anyone know if it's possible to look for another property now and take out the same scheme, or would it need to be paid off before I sign up to another property (which would make it difficult to move!)
Cheers
I currently have a help to buy equity loan on my property which has now been sold (subject to contracts etc.)
Once complete I'll obviously be paying off the loan with the money made from the sale of the house, but does anyone know if it's possible to look for another property now and take out the same scheme, or would it need to be paid off before I sign up to another property (which would make it difficult to move!)
Cheers
0
Comments
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You can move and take a new loan, subject to meeting the criteria. You would have to complete on the sale on or before you complete on the purchase as you are not allowed to own 2 properties while you have a help to buy loan.
Most people would aim to sell the first property on the same day they move and buy the second.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 -
That's great, many thanks.0
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Here is a link to further information on the scheme but please be aware that it is supposedly coming to an end on 31 December 2016 -
https://www.helptobuy.gov.uk/equity-loan/equity-loans/0 -
No. That's Mortgage Guarantee.PersianCatLady wrote: »Here is a link to further information on the scheme but please be aware that it is supposedly coming to an end on 31 December 2016
Equity Loan was extended to 2020.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 -
Simultaneous completion of sale and purchase is permitted.
We've had people sell on the development they bought on in 2013 and and bought on same development this year with HTB loans on both sale and purchase.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 -
No. That's Mortgage Guarantee - Equity Loan was extended to 2020.
So it is, I got that completely wrong, sorry.0 -
No probs.PersianCatLady wrote: »No. That's Mortgage Guarantee - Equity Loan was extended to 2020.
So it is, I got that completely wrong, sorry.
It's a PITA everything was tagged "Help To Buy."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 -
It's a PITA everything was tagged "Help To Buy."
Absolutely they should have given each part of the scheme a completely separate name but that would be too easy wouldn't it?0 -
Appreciate the replies, one less thing to worry about.0
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