Help to Buy repayment – All you need to know!

If you had bought your house with the Help to Buy Loan and you would like to borrow extra on Re-mortgage to be able to clear that loan, it may be possible but you need to bear in mind that there are a couple of requirements you need to meet:

• You will need your house valued by a RICS Certified Surveyor – this valuation is only valid for 3 months so plan the process in advance. You need to pay for this survey.

• You could repay your equity loan in full or in part

• You will need to complete a redemption form and send it to Target together with an administration fee of ca. £200- £250

• You will receive a redemption quote based on the amount of loan you wish to settle (full – 20% of property value, or partial – 10% of property value)

• You will need to appoint a solicitor to deal with the Help to Buy loan repayment process, so bear in mind the extra cost for legal fees and solicitor fees as well.

• You will need to check whether you can actually afford to borrow more so before you do anything at all, contact a mortgage broker to check your affordability and credit worthiness.

There are other ways to settle the Help to Buy loan so if you need more information, check it here: https://www.gov.uk/…/how-to-repay-your-equity-loan…