Guidance - Natwest Mortgage on Help to Buy House, Remortgage Dec 2023

bashu123

hi all new to forums, with all the news and things happening getting myself worked up and worried so just after guidance on best things /route to go.

Remortgage is Dec 23, it will have 102k left howeveer i have a help to buy loan i still need to pay off and that will start interest after this 5th yr, 25 yrs remaining .

had planned to remortgage that on to the mortgage but not sure that'll be possible now, with the way rates are going, im sure it was for 29k at the time. 

i do have some credit card debt on 0% balance transfer and by dec 23 i reckon theyll be 10k left will still have 14 months 0% remaining. ( my parents passed away and it was for their funeral etc) 

current rate is 2.19% what are rate spredicted to be next yr, how do i know how much repayments will increase, is their an easy calculator? what should i focus on if i can save more, the credit card debt or paying more off mortgage. 

if i was to add the help to buy loan for example, and i have 132k mortage with that at say 7% rate am i right in saying repayments will be over the remainder 25 yrs £933 ? have i worked that out right? (thats a little over double what i pay now) or would u wait, fix and remortgage and add the help to buy at a later date? or let it run to svr and ride the storm out?

so confused atm. i assume you can remortgage and add 5 yrs back on also i.e. back to a 30 yr mortgage? and then reduce it later when rates are better? im not wrong in that understanding am i? although at them rates 5 yrs really doesnt reduce payments by much to warrant it.

ANy advice is appreciated.

thanks

chanz4

Best paying htb interest at the moment

bashu123

i believe thats probably the route im gonna have to go then hope for a crash in next few yrs and remortgage it in.

silvercar

Repayments on the HTB element will be 1.75% interest only in the first year, the rate gradually increasing. At current rates it looks best (for lower payments) to keep the HTB running, though eventually you will have to pay back a percentage of the property value, so if you feel values are increasing that would be something to be aware of.