Help to buy - Can I remortgage while still in my first 5 years

WellsS

Hi everyone 
Im 2 years into the help to buy scheme. I bought a London property.

Im concerned housing prices are going to crash and when my 5 years interest free equity loan is up I won’t have enough equity in the property to ‘pay off’ the loan by remortgaging.

Im thinking my options are;

1- Sell the property now 
2 - Remortgage now while there is some equity in the property and try to secure a long term fixed rate while interest rates are low and hope that if/when house prices do crash that they eventually recover

What do people think?
Is it even possible to remortgage in the initial 5 year period of help to buy?

Really appreciate some guidance.

Thanks 

Carl2510

Would you even get lower interest rate? Wasn’t the whole point of help to buy to get a low LTV and access to lower interest rates?

Carl2510

And answer to your question yes you can remortgage but you’ll have hefty ERC charges just to get out of your current one.

WellsS

Thanks Carl. My main concern is that when my 5 year period ends (in 3 years) that the property will be worth less than I paid for it and I would need to lay down a hefty deposit to remortgage then. The property was worth 385k when I bought it (3 years ago) moved in 2 years ago. 

I have a call booked with my lender to discuss exit fee and mortgage offers available to me now.

My interest rate is low 2.02% but the real benefit of help to buy was the 40% loan from the government.

Thanks