Property News · February 2, 2017

I want to repay my Help to Buy loan in order to let my house


Help to Buy prevents borrowers from renting out their properties, so I want to increase my mortgage to pay off the loan Q Due to a change in circumstances I am looking to rent out my house. However, because I have an equity loan from the Help to Buy scheme, this is forbidden. As a result I’m looking to repay my Help to Buy equity loan but don’t know how to go about doing this. Do I contact the mortgage provider or a solicitor? Also, once my mortgage repayments increase does this mean the house is fully mine or is this not the case until its fully repaid? JDA Even though you had help in the form of an equity loan from the Help to Buy scheme and a mortgage from your lender, the house is already fully yours, as you will be registered as the legal owner with 100% title to your home. Your mortgage lender and Help to Buy agent do not become joint owners with you. However, to protect the loans they make to you, your mortgage lender will take a first charge over the property and the Help to Buy agent will take a second charge over it to ensure that if the house is sold, they get enough of the sale proceeds needed to repay what you owe them. Continue reading…

Source : theguardian.com
Read more…I want to repay my Help to Buy loan in order to let my house

You may also like...