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Help To Buy Pay Off Worth It?
Jay_A
Posts: 6 Forumite
Hiya,
I have a help to buy house with the SCOTTISH government having a stake in the house. I believe in Scotland we are not having to pay any interest on our loan with the government, however they do either require payment at current market rate in blocks of 5% if wanting to buy equity off them, or they take their percentage of the selling price when it’s sold on.
I assume that in England and Wales, buying back the share as soon as possible is a wise decision... but what about us? Is it more worthwhile to just continue paying off my mortgage and leave the governments share as is - or should I prioritise it, or is it roughly swings and roundabouts?
I’m currently paying off debts, but I’m doing quite well at it and I’m hoping to clear it by the end of the year in which case I will be switching the money I’m putting towards the debts, towards paying off my mortgage in one way or another. I just want to know what makes more sense financially?
Cheers!
I have a help to buy house with the SCOTTISH government having a stake in the house. I believe in Scotland we are not having to pay any interest on our loan with the government, however they do either require payment at current market rate in blocks of 5% if wanting to buy equity off them, or they take their percentage of the selling price when it’s sold on.
I assume that in England and Wales, buying back the share as soon as possible is a wise decision... but what about us? Is it more worthwhile to just continue paying off my mortgage and leave the governments share as is - or should I prioritise it, or is it roughly swings and roundabouts?
I’m currently paying off debts, but I’m doing quite well at it and I’m hoping to clear it by the end of the year in which case I will be switching the money I’m putting towards the debts, towards paying off my mortgage in one way or another. I just want to know what makes more sense financially?
Cheers!
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