What happens at the end of your Help to Buy?

What happens at the end of your Help to Buy?

13:13 PM, 27th July 2020, About 4 years ago

Text Size

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.

Contact Elaine West

Mortgages, Commercial and Bridging Finance, Life Insurance, Wills, Trusts and LPA's

  • Please enter a number from 0 to 999.
  • How can I help you?

Share This Article

Leave Comments

In order to post comments you will need to Sign In or Sign Up for a FREE Membership


Don't have an account? Sign Up

Landlord Tax Planning Book Now