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.
📨 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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage plus Scotland help to buy
definetlymaybe25
Posts: 1 Newbie
I purchased my flat for £110k using the Scotland help to buy who own 20% share. I don’t pay any interest on this and never have to pay this back for as long as I keep the flat. This therefore saves me interest on my mortgage as I had to borrow less from the bank.
My question is now I can afford it should I remortgage and buy back my 20% share. The flat is now worth around £135K. Obviously I can’t tell if house prices will continue to rise. I’m not sure how I calculate this to work out if I am better off buying my 20% share or continue saving on interest as I owe the bank less. Any help and advice on how I can work this out would be grateful. I can say I can afford to buy the 20% share back but is it worth it. I also plan on moving to a house in around two years which might be a factor.
My question is now I can afford it should I remortgage and buy back my 20% share. The flat is now worth around £135K. Obviously I can’t tell if house prices will continue to rise. I’m not sure how I calculate this to work out if I am better off buying my 20% share or continue saving on interest as I owe the bank less. Any help and advice on how I can work this out would be grateful. I can say I can afford to buy the 20% share back but is it worth it. I also plan on moving to a house in around two years which might be a factor.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards