Help to Buy - Paying Off Early

winterwonderz

I have been trying to research about Help to Buy and what the process is for paying off early.  We bought our house just over 2 years ago using H2B for £34k of the property cost.  We are going to be in a position to pay this off fully next year after receipt of a small inheritance and wondered, other than admin costs, whether anything is payable at this point in the scheme other than the £34k or would they still require a share of any equity value in the property?  Thank you.

oaks321

Doesn't matter when you pay it off, you pay off the % equity you borrowed, not the cash amount.
e.g. if your property was £170,000, and you used H2B for 20% (your £34k), then your repayment amount is 20% of the value of the property when you redeem H2B - if the property is now worth £200k, your repayment amount is £40k (ignoring admin fees)
You will need a RICS valuation to confirm the value.

bucksbloke

You need to get a RICS Homebuyer Survey from a RICS Surveyor - the cost is normally £150 to £200. It needs to include three comparable sale prices close to you. You will repay 20% of the valuation back to Target HCA. 

You will need to complete all the paperwork on the Target HCA website  and make sure you call up to pay the fee over the phone otherwise Target HCA will do absolutely nothing until you do.