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Repaying Help to buy equity loan early

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Comments

  • kingstreet
    kingstreet Posts: 39,316 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Yes. The loan has to be repaid first, or at the same time.

    The loan cannot stand once the mortgage is cleared.
    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.
  • GazSpence91
    GazSpence91 Posts: 4 Newbie
    kingstreet wrote: »
    Yes. The loan has to be repaid first, or at the same time.

    The loan cannot stand once the mortgage is cleared.

    Great, thank you. Decimated my financial master plan which now appears to have been awfully naive
  • JB1015
    JB1015 Posts: 5 Forumite
    Jaxkesa how did you get on with the valuation did Target accept?
  • JB1015
    JB1015 Posts: 5 Forumite
    jaxkesa wrote: »
    I've just a had a RICS valuation done on my property for this purpose and it came back 20k less than what I paid for it 3.5 years ago. Identical properties are up for sale at 10-15k more so I'm just hoping Target don't contest the valuation.

    Jaxkesa how did you get on with the valuation?
  • jaxkesa
    jaxkesa Posts: 356 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    edited 30 August 2019 at 8:50AM
    JB1015 wrote: »
    Jaxkesa how did you get on with the valuation?

    They accepted the valuation so I am paying back £6k less than I borrowed :)
  • JB1015
    JB1015 Posts: 5 Forumite
    JB1015 wrote: »
    Jaxkesa how did you get on with the valuation did Target accept?
    jaxkesa wrote: »
    They accepted the valuation so I am paying back £5k less than I borrowed :)

    That’s great. Just received my valuation and it is what we paid 5 years ago so hoping that’s okay. Did it take long to hear?
  • jaxkesa
    jaxkesa Posts: 356 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    JB1015 wrote: »
    That’s great. Just received my valuation and it is what we paid 5 years ago so hoping that’s okay. Did it take long to hear?

    I phoned after 1 week to check they had received my form and payment and they confirmed the figure over the phone. Then received paperwork a few days later.
  • missplant
    missplant Posts: 32 Forumite
    Fourth Anniversary 10 Posts Name Dropper Combo Breaker
    hoping to pay back my H2B loan soon so thank you for updating
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