Help to Buy Advice

mejw100

Hi,


I bought my house under a help to buy scheme 5 years ago and heading to the end of the interest fee period. The help to buy equity loan from the government was for £45k. I am not sure what to do now - I don't have the funds/savings to pay off this off.


Option 1 - should I consider paying it off via re-mortgage with my current mortgage provider (i.e. borrow £45k from them to pay off the government) so that I then own 100% of the house? This would then come at a premium monthly mortgage price, which I can afford.


Option 2 - Or am I better off leaving it were I am until I come to sell the house, whilst putting in the excess I would have paid in option 1 to a savings accounts?


I am likely to move out of the house within the next 3-5 years.


Thanks


mejw100

missplant

hello, I to have the help to buy loan and plan on borrowing more to pay off the full amount (re-mortgage) . however just incase you're not aware you don't pay back the original loan amount. you have to get a RICS survey and then pay 20% of that amount back to help to buy.

foxy-stoat

Speak to your lender to see if the property has enough equity - if it was a new development then check on rightmove to see if similar properties in the development have sold recently and for how much.

I would get a remortgage now, at least you will know where you are when you look to move in a few years time.....unless prices have dropped since you bought it or you think prices will drop.