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Scottish HTB remortgage

I purchased a flat for £140000 through the scottish help to buy scheme where the government have a 20% equity stake. I have a mortgage with halifax for the £105000. I am coming to the end of a 2 year fix deal in about 6 months and was wondering what the best way to proceed is. The current mortgage amount stands at approx 100500. I would like to be able to remove the government part so that I only had the amount owning on a mortgage. From what I have read the remortgage options are pretty limiting. I would hope to have about £5000 in savings at the time of my deal coming to an end. The current properties of equivalent size are being sold in the development for £153000. So the value of my flat would be similar to what I paid or possibly slightly more. My wage has increased by about £3000 a year since taking the mortgage. My current pay is just over £30000. I have a small car loan than will be less than £3300. I have one credit card that will have no more than a £200-300 on it at most. I have a good credit history without missed payments. I am wondering is it possible to remortage for a larger amount to pay of the equity share?
Or does the share have to be paid of first and then it would be possible to remortgage?
Has anyone that was on a HTB mortgage done anything similar and have any advice.

Thanks

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    One option would be to overpay your current mortgage. Thereby reducing your debt and increasing the amount of equity you have in the property. This in time will open up a wider range of remortgaging options.
  • From what I understand is that this won't open up my mortgage options as it still has to be a help to buy mortgage at remortgaging. And from what I have read suggests these are few and far between.
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