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Help to Buy

My partner bought her house with the old help to buy scheme. She borrowed 30% of the house value (approx £30k). We are now looking to sell but are u clear about what we pay back when we sell. We think we pay back what would be the equity. We owe £58k on the mortgage and the house is worth £65k. Do we simply pay back the £7k or is there a loop hole we are not aware of?
Thanks

Comments

  • da_rule
    da_rule Posts: 3,618 Forumite
    Sixth Anniversary 1,000 Posts
    Your going to need to give some more information.

    What do you mean ‘old help to buy scheme’? Do you mean the hell to buy mortgage guarantee scheme or the hell to buy equity loan or something else?
  • Hi
    The scheme is home buyer direct. We received a letter today to say that the interest has increased on the loan. We have gone from paying £47 a month to £97.
  • kingstreet
    kingstreet Posts: 39,111 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Target administers all the Government shared equity schemes;-

    https://www.myfirsthome.org.uk/
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Sh8dy
    Sh8dy Posts: 5 Forumite
    da_rule wrote: »
    Your going to need to give some more information.

    What do you mean ‘old help to buy scheme’? Do you mean the hell to buy mortgage guarantee scheme or the hell to buy equity loan or something else?

    I thought the first misspell of helP to buy was a typo... the second time, i'm guessing not! Although i want that to be auto correct!
  • sal_III
    sal_III Posts: 1,953 Forumite
    Fifth Anniversary 1,000 Posts
    You really need to give more details about the scheme name at least. Or better yet read the documents she signed initially.

    If it's anything like the current equity loan you have to repay 30% of the sale price or RICS valuation whichever is higher, then pay out your mortgage.

    By the looks of it you are in negative equity
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