How to get the equity back on an house lost

Rocksolid

Is it possible to get back my piece of cake if I need to sell the house because I can't pay anymore the mortgage?

I'll use help to buy.

The reasons can be many, impossibility to work due to sickness or accident, leave the country, and other reasons.

I ask because I considered my house purchase as an investment, not as the house that I want in my life, there is no such thing in UK for me, they would cost several millions for an hole size, I was barely able to effort 350k mortgage and I've got 70 sqm new house..............

The possibility to rent the entire property rather than selling has been clarified in another thread, I can't basically unless certain conditions which I don't remember right now.

grumiofoundation

When you sell the house you get back all the money left over (if any) after paying back remaining mortgage, HTB loan and seeking costs. May be more or less than you paid in deposit. 

You cannot rent our entire property until you have paid off HTB loan. 

P. S. you genuinely believe there is no home for you in the UK that you could live in for your life that costs less than ‘millions’ do you? 

eidand

did anyone force you pay 350k for 70 sqm? There are many places where 350 would buy an amazing place to live .... just saying. Also if there is no life for you here, why on earth buy? Rent, do your thing then !!!!!! off wherever your life is

AdrianC

You get back what the house sells for, minus what you owe...

theoretica

LIke all investments, if (in hindsight) you made a good investment choice you sell at a profit and get your money back and more.  If it was a bad investment choice or you need to sell at the wrong time then you make a loss.

Rocksolid

grumiofoundation said:

When you sell the house you get back all the money left over (if any) after paying back remaining mortgage, HTB loan and seeking costs. May be more or less than you paid in deposit. 

You cannot rent our entire property until you have paid off HTB loan. 

P. S. you genuinely believe there is no home for you in the UK that you could live in for your life that costs less than ‘millions’ do you? 

Around London, and I mean already 50 miles away, the minimum price for an house is 350k for a 3 bedrooms, where actually the size is for a 2 bedroom without garage, dedicated parking and a decent size garden with possibility to build an estention.

Are you in the house market? It seems not, let's stop to judge this UK ridiculus house market, it's the lowest quality in the whole occident.

I needed to use the help to buy even if I have a high salary, the simple reason is that with Halifax only giving mortgages for 15% deposit (covid !!!!!!), it's too hard to put down all these money (52500......................................)

Who the hell has all these money plus 40k for the rest of the fees and initial costs of ownership of an house?

I should work other 3 years to get all these money probably, if I'm lucky to keep the job, and I won't...

As a paradox, I should get 87500 minimum to have this level of debt for a 350k house... Who the hell takes this salary in UK?

Do I want to buy a 250 old house 50 miles away from London? Ok I need to have 62500 salary.

All these houses are not for millioners as you see, and still I can barely afford them.

IT'S A MATTER OF MORTGAGE AFFORDABILITY, without these salaries, forget in anyhow to buy such houses.

I can't relocate somewhere else or the company won't like it, they will probably fire me, should I go up to Scotland to buy around Edinburgh and work for a company in London? I will struggle to find a job in this way in future.

If I can't sell before I paid off the H2B, I'm in deep !!!!!!.

theoretica said:

LIke all investments, if (in hindsight) you made a good investment choice you sell at a profit and get your money back and more.  If it was a bad investment choice or you need to sell at the wrong time then you make a loss.

Thanks, that's the point, but I'm not sure if I can sell before I paid off the H2B loan...

Slithery

Equifax don't do mortgages....

SpiderLegs

Oh lord here we go again....

Rocksolid

Slithery said:

Equifax don't do mortgages....

Whatever, Halifax, anyway I modified the message

JGB1955

Who the hell has all these money plus 40k for the rest of the fees and initial costs of ownership of an house?

I should work other 3 years to get all these money probably, if I'm lucky to keep the job, and I won't...

Well, I'm not sure where you're looking if fees/costs are £40K....obviously above your budget.  You're right, it takes years to get a deposit together...and you probably need a 'significant other' to afford to do it....but that's always been the case for Jo Public.

Caz3121

Rocksolid said:

grumiofoundation said:

When you sell the house you get back all the money left over (if any) after paying back remaining mortgage, HTB loan and seeking costs. May be more or less than you paid in deposit. 

You cannot rent our entire property until you have paid off HTB loan. 

If I can't sell before I paid off the H2B, I'm in deep !!!!!!.

as you have already been told, you can sell before you have paid off the HTB loan....you will pay it back from the sale proceeds together with paying off the mortgage.
You cannot RENT the property whilst you have a HTB loan