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Help To Buy Mortgage and Equity?
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landghove
Posts: 25 Forumite
We have a help to buy mortgage, can you use the equity to consolidate outstanding loans while still owing the government the 20%?
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Comments
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No you cannot. You cannot raise funds against the property whilst the Equity Loan is in place.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
...unless the funds raised are being used to reduce/repay the HTB Equity Loan.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1
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Thanks for the replies, Skipton say they can help us switch to another of their mortgages to buy out the gov's 20%.
Simple case of adding the house value increase 20% to the outstanding mortgage.
Who values the house to get the 20% figure?...do they just go on the value of similar properties nearby?....are we responsible for these costs?...are there any hidden costs with buying out the HTB company?0 -
£200 admin feelandghove said:Thanks for the replies, Skipton say they can help us switch to another of their mortgages to buy out the gov's 20%.
Simple case of adding the house value increase 20% to the outstanding mortgage.
Who values the house to get the 20% figure?...do they just go on the value of similar properties nearby?....are we responsible for these costs?...are there any hidden costs with buying out the HTB company?
Cost of RICS Valuation (Mine was £250)
Solicitors Fees
That should be it!1 -
HTB post-sales issues now here;-
https://www.gov.uk/government/collections/manage-your-help-to-buy-equity-loan
I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1
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