Help to buy Question

FlyingByrne

Good Evening! 

I’m looking for some clarification on our HTB loan. We’ve been renting our house for the last year with approval from HTB, as we had to relocate for work. 

We’re approaching the fifth anniversary of purchasing the house, and I haven’t paid much attention to it since getting approval over a year ago to rent it. And I can’t find our original information pack. 

Am I correct in thinking that HTB are owed 20% of the profit of the house when it’s sold, however does this also count when paying off the 20% loan before the 5 year mark. 

Are they still owed a profit as such on the newer valuation, or is it just the original loan we’ve to pay off before the 5 years are up. And post 5 years we’ve to pay interest monthly and the profit if we remortgage/sell. 

The house has went up 30k roughly, however none of the properties in the area are selling.  We don’t live locally, so we where fairly unfamiliar with the scheme before signing up for it. So hopefully someone can clarify this. 

Thanks a lot. Much appreciated. 

Caz3121

there is quite a lot of information here - https://www.gov.uk/government/publications/repay-your-help-to-buy-equity-loan

"We work out the equity loan amount you need to repay based on the market value of your home at the time you choose to repay.

This is set by a Royal Institution of Chartered Surveyors (RICS) valuation."