Remortgage with Help to Buy (Home Equity Loan)

paulmcollins

Hi,

We currently have a mortgage with Nationwide on a 2 year fixed rate which expires in September 2017, at this point we will have a 10% share of our property. With a 20% share also being owned by the Government (HTB).

Does anyone know or has anyone been in the same position and looked to remortgage retaining the help to buy loan in effect getting a 70% LTV mortgage, alternatively is it an option to add the 20% HTB amount onto the remotgage and obtain a mortgage with 90% LTV.

Any advise or people who have gone through something similar would be greatly appreciated.

Cheers
Paul

kingstreet

Keeping the HTB loan, your best option will be a Nationwide customer retention product - new deal from existing lender.

There are a couple of lenders accepting the loan being left in situ when you remortgage, but there's paperwork with the HTB agent and cost and you can't borrow more other than to repay some/all of the loan.

You can remortgage to a new lender to repay Nationwide and the loan subject to equity in the property and affordability.

As always, broker assistance recommended.