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help to buy equity loan 2nd charge
Comments
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"A second charge is registered on your home by your solicitor in favour
of Homes England, entitling it to a share of the future sale proceeds" - it is solicitor?
As already said - no it isn't. That's why I even gave a link in my first reply so you could understand who Homes England are and what they do.0 -
The problem is that people think 'shared equity', the proper name for the HTB equity loan is like 'shared ownership' where someone/something else owns a portion of the property.
Using HTB you own 100% of the property and the Government takes a second charge over the property to protect the HTB loan. The mortgage lender has a first charge to protect its loan. The loan is expressed as a percentage of the property purchase price/value so the Government gets back that percentage of the value on sale rather than the initial £ borrowing.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.0 -
The Help To Buy Equity Loan is a ticking time bomb waiting to go off, the government have truly screwed over the housing market with it, only yesterday it came out that prices in London only need to go down 2% and the government will be in negative equity for their part in the loans, another great use of tax payers money0
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