Help to Buy Equity Loans guide discussion

Memie

Evening 
I hope you are all well, And enjoying the sunshine ☀️. I just wanted to ask if there is still lenders giving mortgages when you put down five percent and the HTB does the other 20 percent?! 

bw 

Bee 🐝 

Dinpraad

sb_232 said:

My partner and I have exchanged contracts on a New build property Back in January, which was due to complete in November this year. We have been informed due to COVID that there is a delay of 6 months so new completion now April 2021. We had our applications all accepted for the mortgage including HTB Equity Loan. Of course the scheme changes 31st March 2021 and the property is beyond the regional price cap meaning we would no longer be eligible so we are now in an exceptionally difficult situation given that our deposit of £14k is now paid and our solicitor says there’s not really anything we can do which is really concerning. I’ve emailed our local MP who contacted the housing minister who advises there are no plans to extend the scheme. This is even more disappointing given that Scotland have extended the scheme. I am at a loss of what to do now and am obviously devastated at the prospect of losing £14000. Would be grateful for any advice! 

My partner has started a petition asking the government to extend - please sign below!! 

https://petition.parliament.uk/petitions/328967/sponsors/new?token=2ONjcrqT-XlNo6DRZomY

can we still hope after it was omitted in the statement by the Chancellor

Lucero_2

I suspect this question has been asked a few times so sorry if that's the case. The £600k is that purchase price or offer price? ie, if the new home is £620k but we've got them down to £600k are we still eligible?

DaniM89

'Had to pay for RICS report then Target want £200 admin fee to get it started and also instruct a solicitor all adding up very quickly.'

Hi,

Sorry I know this post is old now, just wondering if you had any joy with overturning any of these charges? I bought my house in Nov 2015 using HTB 20% loan an want to pay it off in full now before 5 years is up. I believe I was mis sold as RICS, admin and solicitor fees were not applicable at the time of taking the loan. It seems the loans switch to Target in 2018, terms of repayment changed and I was not informed. Surely there is an option for legal recourse here?!

jaxkesa

DaniM89 said:

'Had to pay for RICS report then Target want £200 admin fee to get it started and also instruct a solicitor all adding up very quickly.'

Hi,

Sorry I know this post is old now, just wondering if you had any joy with overturning any of these charges? I bought my house in Nov 2015 using HTB 20% loan an want to pay it off in full now before 5 years is up. I believe I was mis sold as RICS, admin and solicitor fees were not applicable at the time of taking the loan. It seems the loans switch to Target in 2018, terms of repayment changed and I was not informed. Surely there is an option for legal recourse here?!

No. The buyer's guide produced in 2014 states that administrative charges and an independent survey are required for redemption.

anjuthakare

Hi, I bought my house in Oct 2016 using HTB 20% loan an want to pay it off in full now before 5 years is up. In this process do I need hire the solicitor and solicitor fees? Or Can I use the bank solicitor? 

kingstreet

You can use any solicitor. You will be responsible for the cost. If by "bank solicitor" you mean part of a mortgage lender free-legals package, again the cost of the equity loan redemption will be passed on to you.

anjuthakare

kingstreet said:

You can use any solicitor. You will be responsible for the cost. If by "bank solicitor" you mean part of a mortgage lender free-legals package, again the cost of the equity loan redemption will be passed on to you.

thanks a bunch! By chance do you have any idea around how much solicitor charge?  

jaxkesa

anjuthakare said:

kingstreet said:

You can use any solicitor. You will be responsible for the cost. If by "bank solicitor" you mean part of a mortgage lender free-legals package, again the cost of the equity loan redemption will be passed on to you.

thanks a bunch! By chance do you have any idea around how much solicitor charge?  

I was originally quoted just under £400 to redeem the HtB loan without a remortgage. I instead switched lender and remortgaged with free legals and just had to pay £90 for HSBC's solicitor to redeem the loan and it was a lot less hassle.

bethw29

Hello, 
does anyone think there is any chance the government will extend the current help to buy or increase the cap on the new help to buy? I live in Leicestershire and the cap is £259000 for the new scheme, for this you can buy a 2 bed in most places and they are like a postage stamp. The development we are looking at won’t be ready until after the scheme ends. I don’t want to rush into buying a house to take advantage of the current scheme if the house isn’t right for us. 

HELP!