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Home improvements help to buy
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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 ?
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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
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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
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