We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Home improvements help to buy
jones1725
Posts: 1 Newbie
Hi I want to convert my garage but I have used help to buy and I know they don’t allow it . What would happen if I just went and done it anyway ?
0
Comments
-
They could recall your equity loan.jones1725 said:Hi I want to convert my garage but I have used help to buy and I know they don’t allow it . What would happen if I just went and done it anyway ?0 -
You have to get permission to make the change, and it has to be reasonable. You couldn't use a help to buy loan then build another property on your land for example, but making reasonable alterations, they would usually approve. If you are converting your garage into an office, because you are now working from home a lot more, then I would say this would be reasonable and they should approve.
If you did it anyway, then firstly they would have to find out, then they will recall the full amount of the loan.
I would seek permission as I doubt they will refuse it, but as its a help to buy I presume that you have a new build, if that's the case, are you leasehold or freehold? if leasehold you need permission from the leaseholder as well, again they will be unlikely to refuse but expect to pay a pretty penny for the approval.0 -
Out of interest, if you add value to the property by doing this, does that increase the amount you owe on the HTB mortgage?No reliance should be placed on the above! Absolutely none, do you hear?0
-
Yes. HTB is a % of the property value. But it doesn't effect things until you sell/repay the regular mortgage. Payments are a % of the original amount and don't 'pay off' the balance.GDB2222 said:Out of interest, if you add value to the property by doing this, does that increase the amount you owe on the HTB mortgage?0 -
You're asking someone who hasn't even been on the site since 5 years ago. If you have a question you're better to start your own thread rather than try resurrecting long-deceased posts.gkeic said:
Hey was wondering if you did the garage conversion ?jones1725 said:Hi I want to convert my garage but I have used help to buy and I know they don’t allow it . What would happen if I just went and done it anyway ?0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards