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Paying back the help to buy
Options

bethanyr17x
Posts: 7 Forumite

Hi
can anyone with help to buy inform me how you paid it back?
can anyone with help to buy inform me how you paid it back?
Did you sell, remortgage, save up, or just pay the interest for a while? Like what options did you do to pay it back? And did you lose any of your deposit by doing so?
thanks
thanks
0
Comments
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People have sold to climb up the ladder, remortgaged to pay off the H2B, saved for the 5 years to pay the H2B off, or pay the interest only.
As long as your property has not sunk into negative equity (where you owe more on the mortgage than could sell the property for) and beyond your deposit (5%?) Then you lose nothing. If it's worth what's outstanding on the mortgage and H2B you are not in negative equity.
You don't 'lose' your deposit as it's helped buy the roof under what you live.
Have you read up on the H2B scheme? As you should know what happens after the 5 years.
Please read a load of these threads and research so you are aware what's involved.Mortgage started 2020, aiming to clear 31/12/2029.0 -
We are using H2B and plan on a remortgage/using savings combination.0
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We are using HTB. We plan to pay it off through savings. We only applied for 10% loan so we think it’s doable to pay within the first 5 years.0
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Thanks all. My deposit is £145-£160k. I’m only thinking of using HTB as I can only borrow £100k on the mortgage. So thinking of buying a property and taking out a £60k mortgage and using 55k help to buy. Just wondering what everyone did at the end of the term. I know how the scheme works I’m just asking what other people did.0
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bethanyr17x said:Thanks all. My deposit is £145-£160k. I’m only thinking of using HTB as I can only borrow £100k on the mortgage. So thinking of buying a property and taking out a £60k mortgage and using 55k help to buy. Just wondering what everyone did at the end of the term. I know how the scheme works I’m just asking what other people did.0
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bethanyr17x said:bethanyr17x said:Thanks all. My deposit is £145-£160k. I’m only thinking of using HTB as I can only borrow £100k on the mortgage. So thinking of buying a property and taking out a £60k mortgage and using 55k help to buy. Just wondering what everyone did at the end of the term. I know how the scheme works I’m just asking what other people did.0
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I sold my property to redeem my HTB and actually paid back less than I borrowed as my property dropped in value (expected as it was a new build of course). HTB is a ballache so I would avoid it if you can, but if you absolutely need it then go for it.0
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