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HTB loan and further advance- is it possible!?
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bopping4
Posts: 2 Newbie
Has anyone who has used a help to buy loan managed to borrow more on their mortgage before paying the loan off? Halifax seem to think it's now possible and have progressed our request for a further advance without requesting us to repay the loan. They are requesting a letter of postponement from Homes England currently. I didn't think this was possible but now it seems we might have a chance- anyone had experience of this? Are Homes England going to turn round and say no?!
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@bopping4 It'll usually depend on the reason for borrowing more.bopping4 said:Has anyone who has used a help to buy loan managed to borrow more on their mortgage before paying the loan off? Halifax seem to think it's now possible and have progressed our request for a further advance without requesting us to repay the loan. They are requesting a letter of postponement from Homes England currently. I didn't think this was possible but now it seems we might have a chance- anyone had experience of this? Are Homes England going to turn round and say no?!
Where an HTB equity loan will remain in the background, the reasons for which you can raise further capital are usually limited to repayment of part of the equity loan, extending the lease, buying the freehold, home improvements and buying someone out of the mortgage.I am a Mortgage Adviser - 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.
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This is for home improvements- no planning permission required or anything like that. I've read somewhere that it's usually only improvement if there is a requirement for home improvements for a disability -which this isn't. So that doesn't give me much hope! Fingers crossed than they might just let it go through!0
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Hi can you tell me what ended up happening for you? In the exact same boat with Halifax and they’re saying it is ok..0
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