What happens at the end of your Help to Buy?

by Elaine West CeMAP CeRER

13:13 PM, 27th July 2020
About 7 months ago

What happens at the end of your Help to Buy?

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What happens at the end of your Help to Buy?

Like any loan, you’ll have to pay it back. However, with this loan, there’s no certain deadlines or tight time frames. You can choose to pay the loan back at any time, but the loan must be paid back after 25 years or when you sell your home – whichever comes first.

You also have a choice of what you pay back, either the 10% minimum or 20%. Remembering that it’s 10% or 20% of the current value of your house. That means that if your house is now worth less than it did when you bought it, the loan will be smaller. But, if house prices rise, and your house is worth more, your loan will be more than the original loan you received from the government.

You can sell your home when you like. Your loan will either be paid off in the sale of the house or paid off at the end of your mortgage term

If you are staying put, but re-mortgaging to clear the equity loan, there are various factors to consider such as organising a RICS survey, liaising with the government agency Target and associated costs.

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