Repaying Help to Buy Equity Loan- What proof do I need

f.castle

Hello,

Will I need to get a solicitor, provide months of bank statements, show my job contract etc like I did when I bought my HTB property?

I saved up (no holidays, kept same car etc) to repay the full amount, and was 'just' hoping to transfer the money to the HTB agent, but have seen I need to get  RICS valuation etc.

I know their is a form I have to fill in to start the process which is here Repay your Help to Buy: Equity Loan - GOV.UK (www.gov.uk)

thanks 

Flugelhorn

sounds like you need the valuation and solicitors details - not sure why you would need contract and bank statements?

kingstreet

A solicitor handles the transaction as a second charge will need to be removed from the Land Registry when the loan is repaid. A RICS valuation is needed to establish the property value and hence the amount to be repaid as it is a percentage of that value.

chanz4

When did myn shop around for rics, sams conveyancing was cheapest for this type and did it well.  You show proof to the sol where funds are from etc, make sure you keep on top of the help to buy agency, they are dire and slow

fjireland

Paying back help to buy without remortgaging is much simpler …

when I did it with a remortgage it took 6 months 

when I did 10% with cash savings, it took 6 weeks from valuation to completion 

you will need a rics valuation, pay the help to buy fee, pay a solicitor (who did ask for bank statements to show savings) … you will get a letter from land registry a week or two after saying the second charge has been removed from your home 

I found my solicitor costs were roughly the same both times