Help to Buy Equity Loans guide discussion

CONTEXT: My partner and I are looking into buying a new build home, and are considering the option of help to buy on the property so then we have more 'spare cash' for upgrades and overall furniture costs. Currently my partner lives with his parents and has saved the majority of the deposit we currently have, I currently live in a shared house with a friend where the rent is nice and cheap with everything included. Having lived there for a year now after finishing university I have been able to save a little bit quickly as I live close to work and get public transport everywhere else.
We are lucky enough to have saved enough for a full deposit without the need for help to buy, but if we went down the 100% ownership route we would then have nothing left, making us vulnerable for any sudden changes in our lifestyle or situation. Even more so as this house is a little over what we wanted to spend and is at the maximum range of our decision in principle.

QUESTION: The help to buy loan is always advertised as 5% deposit, 20% loan and 75% mortgage... BUT is there an option to have a smaller loan, say 5 / 10 / 85?? From reading around it looks like you can increase the deposit percentage which then reduces the mortgage total, but it never seems to happen from the loan?

Thanks for any helpful replies or advice!! And if anyone has any good tips on where to save money when it comes to moving house that would also be greatly appreciated.

Hi there,
We're at the end of year 4 of our H2B and due to remortgage. In this way we are out in sync with the interest-free period of the H2B equity loan (in terms of typical fixed rate mortgage terms).

All options are on the table (e.g. fix for two years and accept one year of interest payments, variable rate mortgage and remortgage next year, staircase/redeem H2B loan).

Was anyone else in this scenario and decide one way or the other? Obviously this is a personal choice and depends on one's finances, but any shared experiences would be useful! For context, our flat price has likely stagnated/slightly declined (outer London flat, bought at top of market!), and we're working towards moving in two years time.

Steve

Thanks dhokes, this sounds rather similar a situation. Much of the talk around H2B is about getting the loan cleared as it's 1) hard to remortgage (tbh not really found this an issue), 2) there is a third charge on the property and 3) and gain in value is shared to the government. Interestingly, there is little discussion about situations where actually keeping the loan beyond year 6, might be useful (for instance, if house prices crashed and you wanted to sell, this blow would be cushioned by the order of 20%). This seems appropriate to be as many new builds are prices with a premium, in addition to the current market conditions in our area.

I'm probably overthinking this anyway and, like you, have a full intention to pay it off as soon as practical.

Hope someone might be able to point me in the right direction?
My help to buy equity loan is due to hit 5 years in September and I'm looking to pay it back in full.
I'm aware of the valuation and admin fee however I'm struggling to obtain conveyancing quotes as I'm bot sure what service I require? Does anyone know if it is classed as a transfer of equity? And would this effect my ongoing mortgage (year 2 of 5)

Thanks in advance