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Can I part exchange my help to buy equity loan house?
kerry_w_90
Posts: 2 Newbie
So the last 12 months has had us questioning if the new build we brought 3 years ago with the H2B equity loan (of 20%) is our forever home and I'm looking to see if anyone in the same position has need able to part exchange their home for another new build?
We have equity of around 20k in the house based on its current value after we take away our mortgage and of cause what we owe based on 20% of the current value for the H2B equity loan.
However would us having the equity loan cause us issues in being able to part exchange? Of course there is other factors to take into account (what the developers requirements are etc) but also does anyone know if there is a general rule of thumb that you have to have your deposit (I.e 10 or 20%) prior to the part exchange or can you use the equity as your deposit?
Thanks in advance
We have equity of around 20k in the house based on its current value after we take away our mortgage and of cause what we owe based on 20% of the current value for the H2B equity loan.
However would us having the equity loan cause us issues in being able to part exchange? Of course there is other factors to take into account (what the developers requirements are etc) but also does anyone know if there is a general rule of thumb that you have to have your deposit (I.e 10 or 20%) prior to the part exchange or can you use the equity as your deposit?
Thanks in advance
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