Help To Buy Remortgage Help!

mrsmoneysaver12

Hi all,


My husband and I purchased our first home on Help to Buy equity loan just over a year ago. Our mortgage rate is fixed for 2 years and will therefore be coming to an end in September this year. I am currently researching how we go about remortgaging for Help to Buy so that we can benefit from better fixed rates once our fixed rate term ends.


I am not quite sure how remortgaging works for Help to Buy - will we have to get it signed off again or can we just apply for remortgage same way we would if we were not on Help to Buy?


Hopefully someone else has been through this process, any help / advise is greatly appreciated!




Thanks,
mrsmoneysaver12

JoeT88

Hello,

As I understand it (if im wrong then i stand corrected but it was recently explained to me as this.)

1) only certain lenders will mortgage with help to buy, circa 12 I believe. this means when remortgaging you will have the same slim choice as when you first bought.

2) to open it up to other lenders and possibly more favorable rates, you can either pay it off (im guessing coming up with 20 percent isnt a doable option if you are like me and most other people).

Did you go through a mortgage broker for your mortgage?

kingstreet

Customer retention option with current lender. Only the rate changes and nothing else is required.

Remortgage with those lenders who will accept the HTB loan remaining in place - you will need a deed of postponement from here and you cannot borrow more unless repaying some/all of HTB;-

http://www.myfirsthome.org.uk/iwantto/remortgage/

Remortgage to repay the HTB loan in full - you will need to follow the instructions in section 2 here;-

http://www.myfirsthome.org.uk/iwantto/redeem/