Help To Buy payback Scheme

Yes.  Stair-casing is a commonly used process to help people gain 100% of their property.

Stair-casing is a process that allows you to build the percentage share that you own on your home, so if you currently own a percentage it’s a process that allows you to aim towards having 100% ownership of your property.

There is a cost of the additional shares that you are buying back, so it’s important that you understand the fees that are involved and it’s our job to keep you aware.

Everybody’s case is different, but it is wise to factor in the following estimated costs:

This valuation is valid for 3 months only, should you need additional valuation this will be charged as following, with the original surveyor.

Solicitor and conveyancing fees
Re-mortgaging fees, vary from lender to lender.
Depending on the value of your additional fees you may be required to pay Stamp Duty.

If you have savings that can pay for your additional shares there may be no changes to your current mortgage repayments unless you change products or re-mortgage with another lender.

If you do not have any savings to pay for additional shares, then our experienced team will be able to advise you on what is the best financial option for you based on your current lender’s terms. For instance, you may be able to extend your existing mortgage or re-mortgage with a lender that can offer you a better deal.

• You can make repayments at any time
• Repayments must be at least 10% of your home’s current market value
• Staircase payments may be subject to other criteria set by your lender
• Every time you want to make a share repayment, an independent valuer must assess your property – and you’ll have to pay for this.

After the initial interest-free six-year period some people use a new mortgage product to repay the Help to Buy equity government loan. Be aware that by doing so you are increasing the size of your mortgage, but you will also be open to more lenders who could provide a better deal for you. This we can help you find.
BE AWARE: house price inflation could make it more expensive in the future.
For more information on how you can re-mortgage your Help to Buy visit: https://mtge.uk/contact
Some owners re-mortgage to repay the equity loan if their property has increased in value. Be aware that a new mortgage deal may mean an increase in monthly fees.

• You will need to pay an admin charge of £115 as an admin fee to Homes England
• Homes England needs to approve any increase in your first charge mortgage
• The money you pay back on the equity loan through stair-casing or if you sell will be dependent on the most recent RICS valuation of the property.
• Not all lenders offer mortgages on Help to Buy homes. If you want to re-mortgage to get a better deal, while keeping the Help to Buy equity loan, you’ll find a much smaller range of products available to you.