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tryingtomovehouse
Posts: 2 Newbie
Hello All,
TL;DR - can we pay off HTB before sale?
Any advice would be very gratefully received. We've had a bit of a shocker trying to sell our flat and buy a house. Bottom line is that very lengthy delays in the conveyancing process led to our buyer pulling our and seller putting house back on market. Wasted legal fees, lost mortgage offer etc etc
So, we've put our flat back on the market and have received a new offer. We're going to move into rented accommodation to try to reduce the stress of coordinating sale and purchase (and we can't keep staying in small flat with 3 children).
My question related to our Target HTB loan. Our valuation has just expired (including desktop extension), but Target have said that they would extend for another month. I'm really keen to try to reduce the risk of this sale falling through, and reduce the stress, so would like to redeem the HTB loan with savings if possible.
Does anyone have any experience of this? Our valuation is less than our potential sale price so I can understand the ethical difficulties around this, but as I know only too well a potential sale doesn't really amount to anything until exchange and we are several weeks away from that.
Any thoughts or advice gratefully received!
TL;DR - can we pay off HTB before sale?
Any advice would be very gratefully received. We've had a bit of a shocker trying to sell our flat and buy a house. Bottom line is that very lengthy delays in the conveyancing process led to our buyer pulling our and seller putting house back on market. Wasted legal fees, lost mortgage offer etc etc
So, we've put our flat back on the market and have received a new offer. We're going to move into rented accommodation to try to reduce the stress of coordinating sale and purchase (and we can't keep staying in small flat with 3 children).
My question related to our Target HTB loan. Our valuation has just expired (including desktop extension), but Target have said that they would extend for another month. I'm really keen to try to reduce the risk of this sale falling through, and reduce the stress, so would like to redeem the HTB loan with savings if possible.
Does anyone have any experience of this? Our valuation is less than our potential sale price so I can understand the ethical difficulties around this, but as I know only too well a potential sale doesn't really amount to anything until exchange and we are several weeks away from that.
Any thoughts or advice gratefully received!
0
Comments
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You can pay it off voluntarily, or on a sale.
Voluntarily, you repay the amount calculated from the RICS valuation. On a sale you repay the higher of the RICS valuation or actual sale price.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.0 -
Thanks for your answer - I will try to pay it off voluntarily.0
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