Changing mortgage deal when Help to Buy is involved

dan8030

Hello,

I am looking to change my current mortgage deal next year but will keep it with my current provider (Nationwide), but would like some advice around what if anything I need to tell the Help to Buy people.

I am sure that I read somewhere that if I want to change my mortgage deal with my current provider I need to get permission from the Help to Buy people - is this true?

I will not be re-mortgaging to pay off the equity loan, so am not sure why they would need to grant permission for me to change my mortgage deal.

Any help would be greatly appreciated.

Thanks

kingstreet

dan8030 said:

Hello,

I am looking to change my current mortgage deal next year but will keep it with my current provider (Nationwide), but would like some advice around what if anything I need to tell the Help to Buy people.

I am sure that I read somewhere that if I want to change my mortgage deal with my current provider I need to get permission from the Help to Buy people - is this true?

I will not be re-mortgaging to pay off the equity loan, so am not sure why they would need to grant permission for me to change my mortgage deal.

Any help would be greatly appreciated.

Thanks

Nothing.

That's only required if you plan to repay the HTB loan or to remortgage to another lender leaving the HTB loan in-situ.

dan8030

Thanks kingstreet, much appreciated.

chanz4

yup did it myself many times in old house with target, didn't even have to tell them

ecraig

Does HTB become the first charge, and the new mortgage company become the 2nd charge, though?
Surely the mortgage company wants to be number 1…

kingstreet

ecraig said:

Does HTB become the first charge, and the new mortgage company become the 2nd charge, though?
Surely the mortgage company wants to be number 1…

That only happens when you remortgage to a new lender and to avoid that, the HTB Agent has to issue a deed of postponement to allow the mortgage lender the first charge