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Htb equity loan, hmrc debt!
debtout
Posts: 97 Forumite
Hi all we recently applied for a mortgage which went through and also applied for the help to buy equity loan first time buyer and we got the authority to proceed.
We're now currently going through the conveyancing process, and out of the blue, my wife got a letter saying she owes hmrc upto 5k in tax and tax credits dating back 2018. She's trying to contact hmrc to get this sorted, but this has spooked us. I have tried to reassure my other half that I don't think this will affect the help to buy, but still the fear remains. So thought I would ask on here, if this will likely affect our htb equity loan and obviously our mortgage as well as we're relying on the 20%equity loan ? I am aware the htb money comes from Homes England but just not sure!
We're now currently going through the conveyancing process, and out of the blue, my wife got a letter saying she owes hmrc upto 5k in tax and tax credits dating back 2018. She's trying to contact hmrc to get this sorted, but this has spooked us. I have tried to reassure my other half that I don't think this will affect the help to buy, but still the fear remains. So thought I would ask on here, if this will likely affect our htb equity loan and obviously our mortgage as well as we're relying on the 20%equity loan ? I am aware the htb money comes from Homes England but just not sure!
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Comments
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You mean she has had letters from both the income tax and tax credits part of HMRC saying she owed £5k in total?
In what way do you think it will impact the mortgage and loan?
Is it a concern about the ability to pay the mortgage and loan or something else?
Has she checked the calculations (assuming there were some calculation?) and does she agree teh amounts owed are correct?1 -
Hi actually the letter is from hmrc saying she owes the 5k in overpaid working tax credits. She's unsure If she owes the money or not, but she's in the process of checking with hmrc and if she does owe, yes we will own up. However, just worried that this debt or tax issue could affect our htb loan. I'm sure the 2 aren't linked in any way, but we're just so nervous of anything going wrong at the stage we're at if it makes sense 😂...Dazed_and_C0nfused said:You mean she has had letters from both the income tax and tax credits part of HMRC saying she owed £5k in total?
In what way do you think it will impact the mortgage and loan?
Is it a concern about the ability to pay the mortgage and loan or something else?
Has she checked the calculations (assuming there were some calculation?) and does she agree teh amounts owed are correct?0
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