Help to buy SCAM....

urgi

Hi all

I plan to pay in full H2B equity loan to Target, I read some info and isnt good company at all - looks like this company ignore communication with CMRs and take some time to do all this process. Anyone hve experience with Target H2B?

Now about my issue:
Original purchased price was £200000 H2B help us with £40000

as table from H2B brochure they saying price of house can increasing approx 2% a year ... bla bla

but RICS Valuator set value of house today £280000 = return equity £56000 = 40% more as original purchase = SCAM

If I borrowed from TESCO 5 years ago £40000 total repay will be £45000

Now Q wait to Brexit and hope value of houses goes down?
Or use different RICS valuator and ask straight to minimum valuation and pay now?
Or start paying interest to H2B Target? £720 a year.

silvercar

H2B is an equity loan not a loan for a fixed amount. Be grateful your property (the other 80%) has also increased in value.

urgi

I know value risen but Iam not selling house !
I plan live here for next 30 years.
And no-one know how price of houses will future..........

worried_jim

urgi wrote: »

And no-one know how price of houses will future..........

Absolutely more than they are today over the next 30 years!

diggingdude

You signed up knowing what the deal was so why are you complaining now. The terms were very clear regarding payment (part of the reason I avoided). You have no complaint here

urgi

surprisingly after 5 year to high


Now Q wait to Brexit and hope value of houses goes down?
Or use different RICS valuator and ask straight to minimum valuation and pay now?
Or start paying interest to H2B Target? £720 a year.

grumiofoundation

You complaint seems to be your house has gone up in value - do you wish it was worth less than when you bought it?

Whatever your opinion (personally wouldn’t use) of help to buy I don’t see how it is a SCAM. At what point were you scammed? The terms and conditions seem to be pretty clear, if you didn’t read these you can’t now claim to have been scammed...

urgi

OK I know what I sign 20% value of house going back to GOV
but still not believe price valuation is real... and looks like doggy moneymaker making money with APR 2000% and is UK government


next Q?

- wait to Brexit and hope value of houses goes down?
-or use different RICS valuator and ask straight to minimum valuation and pay now?
- start paying interest to H2B Target? £720 a year.

Anyone have experience with Target HSA?

csgohan4

cake and eat op, Your house have gone up in price which you can remortage to get the equity to pay off the HTB loan.


If it was worth less you would be paying the majority of the loan without help from the equity

[Deleted User]

urgi wrote: »

looks like doggy moneymaker

It's a what now?

ACG

This is one of the reasons I do not do HTB equity loans. People just do not understand, they see they can buy a brand new house with a 5% deposit and do not really bother about the details.

It is not a scam, you did not read the paperwork properly. In plan and simple terms, it is a loan for 20% of the equity.

If you buy a house for £100,000 and a 20% equity loan (£20,000) and that house doubles in value, so does your £20,000. So you then have a house worth £200,000 and a loan for £40,000.

It is probably the biggest purchase of your life, not a tin of beans - spend some time reading the paperwork and asking questions.