Help to buy remortgage

louis955

Hi guys, I was wondering if any first time buyers who used the help to buy equity loan have remortgaged/renewed their deal at the end of their fixed rate and have not paid back the equity loan yet? Our fixed rate is due to end in Feb 2021 and we’re looking to renew our deal rather than pay the equity loan off at this stage. 

Thrugelmir

You'll be able to select a new mortgage product from those on offer from your existing lender. On the equity loan 

• you continue to pay the £1 monthly management fee
• you start to pay a monthly interest fee of 1.75% of the equity loan
• your interest fee will rise each year in April by the Retail Price Index (RPI) plus 1% until you repay your loan

kingstreet

louis955 said:

Hi guys, I was wondering if any first time buyers who used the help to buy equity loan have remortgaged/renewed their deal at the end of their fixed rate and have not paid back the equity loan yet? Our fixed rate is due to end in Feb 2021 and we’re looking to renew our deal rather than pay the equity loan off at this stage. 

You have both customer retention (your existing lender) and remortgage (new lender) options open to you. A broker will be able to go over them with you and establish the best approach.

haras_n0sirrah

As Kingstreet says there are lenders who will allow a remortgage while retaining the help to buy equity loan

pearsforlife

We remortgaged without paying the loan off. Had our offer in 4 days, took 3 months for Target HCA to sort the deed of Postponement out. So in total 3 months and 4 days... very frustrating but totally worth it for us as we were coming off subprime rates.