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Help To Buy Equity Loan - Repayments
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mattb87
Posts: 21 Forumite
Hello,
Quick question regarding the Help To Buy Equity Loan scheme. Some friends of mine claim if a Help To Buy Equity Loan is repaid before 5 years. then amount due is only the amount borrowed at the time the house was purchased (i.e. not 20% of the current house value). I've done some digging online and I can't seem to see anything around this.
Could somebody clarify for me if this is the case? Or is it the case that even you wish to repay the Equity Loan in full before 5 years, the amount is 20% of the house value at that time not the value of the house at the time of purchase?
Thanks!
-M-
Quick question regarding the Help To Buy Equity Loan scheme. Some friends of mine claim if a Help To Buy Equity Loan is repaid before 5 years. then amount due is only the amount borrowed at the time the house was purchased (i.e. not 20% of the current house value). I've done some digging online and I can't seem to see anything around this.
Could somebody clarify for me if this is the case? Or is it the case that even you wish to repay the Equity Loan in full before 5 years, the amount is 20% of the house value at that time not the value of the house at the time of purchase?
Thanks!
-M-
0
Comments
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Take a look at this website. It should answer your questions
http://www.myfirsthome.org.uk
But no, you're friends are wrong! I am selling my flat 2.5 years after I bought it and I am most definitely paying back 20% of the value now! The monetary value of the loan I took out was £15k, I am paying back £23k!0
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