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Help to Buy Redemption

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Multicoloured_spider
Multicoloured_spider Posts: 1 Newbie
in House buying, renting & selling
I'm currently trying to redeem my help to Buy loan in full by remortgaging. Target HCA own our loan.

We've had the new mortgage approved, and I have sent all the paperwork to Target with our independent RICS approved valuation. This was 3 weeks ago and they haven't even acknowledged it yet, is this normal?
Has anyone been through this process? How long did it all take?
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Comments

  • Natdb
    Natdb Posts: 1 Newbie
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    Hey how did you get on with this? I am going through the same process and they seem bit of a night mare to deal with!
  • daman1982
    daman1982 Posts: 1 Newbie
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    my valuation and rics survey was sent july 10th and i received the redemption statement back today. you have to give them evidence of when they received the info and chase them continally.

    3 weeks is way too long, they state maximum it should take them is 10 working days.
  • Vicqui83
    Vicqui83 Posts: 1 Newbie
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    Hi did you have any joy with this process as we need to start this soon and was wondering how you went about it. Did you need a solicitor?
  • dhokes
    dhokes Posts: 311 Forumite
    First Post First Anniversary Combo Breaker
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    Multicoloured_spider wrote: »
    I'm currently trying to redeem my help to Buy loan in full by remortgaging. Target HCA own our loan.

    We've had the new mortgage approved, and I have sent all the paperwork to Target with our independent RICS approved valuation. This was 3 weeks ago and they haven't even acknowledged it yet, is this normal?
    Has anyone been through this process? How long did it all take?
    Natdb wrote: »
    Hey how did you get on with this? I am going through the same process and they seem bit of a night mare to deal with!
    daman1982 wrote: »
    my valuation and rics survey was sent july 10th and i received the redemption statement back today. you have to give them evidence of when they received the info and chase them continally.

    3 weeks is way too long, they state maximum it should take them is 10 working days.

    If the quality of service is very poor, you should contact them and/or the finance Ombudsman as stated on their website - http://www.myfirsthome.org.uk/contact/

    I'm considering purchasing my first home and the process of re-mortgaging/buying back equity from the government is putting me off.
  • CelticBhoy88
    CelticBhoy88 Posts: 1 Newbie
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    [QUOTEI'm currently trying to redeem my help to Buy loan in full by remortgaging. Target HCA own our loan.

    We've had the new mortgage approved, and I have sent all the paperwork to Target with our independent RICS approved valuation. This was 3 weeks ago and they haven't even acknowledged it yet, is this normal?
    Has anyone been through this process? How long did it all take?][/QUOTE]

    Target HCA are an absolute nightmare to deal with.

    I am coming to the end of this process, but it has delayed the sale of my house by months. They were so bad...in the time it took them to process all the information, my RICS valuation expired and I had to pay for a further desktop valuation to be done so we could complete the sale. Ridiculous! Their customer service is awful, their attitude is awful. The company is unregulated and can do whatever they want.

    Did you send your info off via post or email? If you sent it via email, you should have received an auto response saying the info had been received and they will respond in 7-10 working days.

    Have you paid your £250 admin fee?
    They will not do anything, process anything or acknowledge anything with out it!!!

    Hope you get it sorted.....
  • dhokes
    dhokes Posts: 311 Forumite
    First Post First Anniversary Combo Breaker
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    CelticBhoy88 wrote: »
    I'm currently trying to redeem my help to Buy loan in full by remortgaging. Target HCA own our loan.

    We've had the new mortgage approved, and I have sent all the paperwork to Target with our independent RICS approved valuation. This was 3 weeks ago and they haven't even acknowledged it yet, is this normal?
    Has anyone been through this process? How long did it all take?]
    Target HCA are an absolute nightmare to deal with.

    I am coming to the end of this process, but it has delayed the sale of my house by months. They were so bad...in the time it took them to process all the information, my RICS valuation expired and I had to pay for a further desktop valuation to be done so we could complete the sale. Ridiculous! Their customer service is awful, their attitude is awful. The company is unregulated and can do whatever they want.

    Did you send your info off via post or email? If you sent it via email, you should have received an auto response saying the info had been received and they will respond in 7-10 working days.

    Have you paid your £250 admin fee?
    They will not do anything, process anything or acknowledge anything with out it!!!

    Hope you get it sorted.....

    I suggest that you complain to the finance ombudsman - http://www.financial-ombudsman.org.uk/consumer/complaints.htm
  • kamb1ng
    kamb1ng Posts: 68 Forumite
    First Anniversary First Post Combo Breaker
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    Hi, I just completed the Help to Buy redemption with Target. Does anyone know if I'm supposed to receive any documentation stating this fact? The Target call center doesn't have a clue.
  • gazzabboi
    gazzabboi Posts: 210 Forumite
    First Anniversary First Post Combo Breaker
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    How did you all get on with valuations? I have had 2 done, and they have both been very high
  • kamb1ng
    kamb1ng Posts: 68 Forumite
    First Anniversary First Post Combo Breaker
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    gazzabboi wrote: »
    How did you all get on with valuations? I have had 2 done, and they have both been very high

    Bank valuations are normally high.

    For HtB redemption, find an independent surveyor and get him/her to value your property making it clear that it's for HtB redemption purposes (not for selling). Then it'll be more reasonable. They're not like estate agents trying to value your property as high as possible.

    For example I used this guy:
    http://www.jgpropconsultants.co.uk/

    The Target team accepted his valuation with no issue.
  • kingstreet
    kingstreet Posts: 38,767 Forumite
    First Anniversary Name Dropper Photogenic First Post
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    kamb1ng wrote: »
    Hi, I just completed the Help to Buy redemption with Target. Does anyone know if I'm supposed to receive any documentation stating this fact? The Target call center doesn't have a clue.
    Your solicitor should have handled the redemption and removal of the legal charge.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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