Help to Buy Remortgage Process

Potbellypig

We had one of the HTB loans on a 5 year deal back in 2021 and we are 18 months away from the process of applying to (possibly) add it to the new mortgage rate we're of course dreading to see. Perhaps a little blinded by the whole excitement of buying a house for the first time, I'm now seeing some scary amounts (for us) we'd need to apply for when trying to add the HTB to a re-mortgage. 

I've had a Google and read what's on the Gov website, but just wondering if anyone has added it to a new mortgage recently and could throw some info out on the process which they followed please?

ecraig

You’d probably find it cheaper to pay the interest on the htb, save your money in another way and pay off the capital at a later stage. 

In year 6 the interest rate will be less than 2%. Far lower than the ~4.x% from a lender. 

kingstreet

The process is straightforward.

You apply for a mortgage sufficient to repay the current mortgage and estimated HTB equity loan.

You complete the post-sales HTB Agent's repayment application, get a valuation and pay the admin fee;-

https://www.gov.uk/guidance/how-to-repay-your-equity-loan-when-you-remortgage

The solicitor handling the remortgage repays the existing mortgage and HTB loan from the remortgage proceeds.

Potbellypig

kingstreet said:

The process is straightforward.

You apply for a mortgage sufficient to repay the current mortgage and estimated HTB equity loan.

You complete the post-sales HTB Agent's repayment application, get a valuation and pay the admin fee;-

https://www.gov.uk/guidance/how-to-repay-your-equity-loan-when-you-remortgage

The solicitor handling the remortgage repays the existing mortgage and HTB loan from the remortgage proceeds.

Thanks - do you know how much a valuation and solicitor would roughly be for that work? 

kingstreet

Potbellypig said:

kingstreet said:

The process is straightforward.

You apply for a mortgage sufficient to repay the current mortgage and estimated HTB equity loan.

You complete the post-sales HTB Agent's repayment application, get a valuation and pay the admin fee;-

https://www.gov.uk/guidance/how-to-repay-your-equity-loan-when-you-remortgage

The solicitor handling the remortgage repays the existing mortgage and HTB loan from the remortgage proceeds.

Thanks - do you know how much a valuation and solicitor would roughly be for that work? 

No. No idea.