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Porting & Help To Buy Mortgage
terrieashleigh
Posts: 1 Newbie
Hi Everyone!
Please bear with me (first time posting on a forum)...
We purchased our help to buy property 2 years ago for £151,995 using the Help to Buy Equity loan (£30,399). We are tied into a 5 year deal at a good rate but are however considering moving back towards our childhood homes (more money) sometime this year.
We have had our current property valued at £200,000-£215,000 which I know we will have to pay back 20% of the sale value to Help to Buy. Nationwide have told us our mortgage is portable and we are currently awaiting a meeting with the mortgage advisors to assess our affordability (most mortgage calculators are showing us in good stead) however I am totally confused by how this all works.
We are looking at a property in the region on £210,000 (not a new-build) and I am unsure how we get to this figure with extra mortgage/deposits/equity/paying back the help to buy.
If anyone can put this into layman's terms for a 25 year old 1st time seller then that would be greatly appreciated!
Many Thanks
T :beer:
Please bear with me (first time posting on a forum)...
We purchased our help to buy property 2 years ago for £151,995 using the Help to Buy Equity loan (£30,399). We are tied into a 5 year deal at a good rate but are however considering moving back towards our childhood homes (more money) sometime this year.
We have had our current property valued at £200,000-£215,000 which I know we will have to pay back 20% of the sale value to Help to Buy. Nationwide have told us our mortgage is portable and we are currently awaiting a meeting with the mortgage advisors to assess our affordability (most mortgage calculators are showing us in good stead) however I am totally confused by how this all works.
We are looking at a property in the region on £210,000 (not a new-build) and I am unsure how we get to this figure with extra mortgage/deposits/equity/paying back the help to buy.
If anyone can put this into layman's terms for a 25 year old 1st time seller then that would be greatly appreciated!
Many Thanks
T :beer:
0
Comments
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You sell your current property. The mortgage and HTB loan are repaid by your solicitor.
The remainder is the deposit for your new property and you raise a mortgage for the difference.
The mortgage rates will be the ported product from your existing mortgage and the increased borrowing will be covered by a new rate. You will have a single mortgage made up of two sub-accounts to reflect the different tranches of borrowing at different rates.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
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