When you bought your property you would have an equity loan, these have had various names over the decades from first time buyer initiative to help to buy, most associated with buying new.
We have helped both existing and new customers repay there share either via re-mortgaging, further advance or stage payments and we would be delighted to help you or advise you on the very next steps
We have put together three options for you.
OPTION 1:
The one stop shop, we can put you in contact with our recommended partners – the surveyors – esurv who have a fixed fee scale and Caroline at Setfords solicitors, a team that has experience in meeting yours and Homes Englands objectives. Mortgage arrangements will be arranged by us here at MTGE UK
OPTION 2:
Flying solo, this is where you choose your own solicitor and surveyor but any finance or borrowing will be arranged via MTGE UK.
Please remember fees will be payable to your solicitor and surveyor.
It would be worth checking prior to instructing your solicitor and valuer whether they experience in such matters.
Repaying Help To Buy and or Equity Loan
If you are an owner of a property which you used a Help-to-Buy Equity Government loan or similar to purchase we may be able to help buy out the remaining share
Get in touch
Follow these 10 steps to repay your help-to-buy loan
1. You contact us and we send you an enquiry form
2. Application assessed (if we are able to help we progress to the next stage (an unsuccessful applicant could maybe be seen as a pit stop or false start?)
3. AIP Processed
4. We/You complete a Homes England application and email it to us. We check and send it to the Homes England agency for you
5. We/You arrange your RICS valuation
6. Homes England authorise your application
7. Solicitors to proceed with the conveyancing
8. We find the best lender suited to your needs
9. We keep you informed every step of the way by phone call and emails so you are aware of any advised changes to your lender for you to be able to pay off your government equity loan where possible in full.
10. We discuss with you the best way to protect your mortgage with our in house Mortgage Protection system
The UK government has introduced various equity loan schemes over the years to assist home buyers, especially first-time buyers, in purchasing property. These schemes have evolved, with some being replaced or phased out over time. Below is a list of key government equity loan schemes, starting from the First Time Buyers Initiative (FTBI) to the more recent iterations of Help to Buy (HTB):
First Time Buyers
Launched in 2005, this was one of the early schemes aimed at helping first-time buyers purchase new-build homes with lower upfront costs.
HomeBuy Direct
This was a scheme introduced in the late 2000s, providing equity loans to first-time buyers for specific new-build properties.
FirstBuy
Announced in 2011, FirstBuy replaced HomeBuy Direct. It was specifically designed to help first-time buyers with equity loans, enabling them to purchase new-build homes with a smaller deposit
Help to Buy: Equity Loan (2013-2021):
Launched in 2013, this became one of the most well-known schemes, offering equity loans to both first-time buyers and existing homeowners for new-build homes. The government provided a loan of up to 20% of the property value (up to 40% in London), interest-free for the first five years.
Each of these schemes has had specific criteria and terms, including the percentage of the loan, the interest-free period, and repayment conditions. The availability of these schemes has varied over time and by region.
Please note: help to buy is now closed in England but still available in Wales
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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