The Help to Buy Government initiative was first introduced in October 2013. This allowed purchasers to buy a property with a 20% interest free loan for a period of 5 years interest free from the Government (40% loan in London).
This may have allowed you to purchase a home which you did not think was possible!
With this initiative beginning in 2013 you may be reaching the end of your 5 year interest free term and may look at what options are available to you.
You can do the following:
- Sell your property and pay the Help to Buy loan in full;
- Keep your property and repay the Help to Buy Loan in full:
- Whether this is by way of a re-mortgage/further loan; or
- Having the funds available to repay the loan; or
- Partially repay the Help to Buy loan.
The redemption of your Help to Buy Loan is a simple and stress free process, provided you are aware of what you need to do, so please allow us to guide you!
KEEPING YOUR PROPERTY AND REPAYING THE LOAN IN FULL
- Organise your funding, if this is by way of a re-mortgage or further loan, you may wish to speak to a Financial Advisor.
- Instruct a RICS qualified surveyor to provide you with a valuation of your property.
- Contact Target (the Government Help to Buy Agency who deal with repayment of this loan).
- Provide Target with a copy of the Valuation
- Pay Target’s administration fee (approximately £200)
- Provide them with your Solicitor’s details
- Target will then contact your Solicitor, the legal work can begin and we do the rest!
We can recommend a Financial Advisor, RICS surveyor and of course ourselves to undertake the legal work! We can also provide you with the contact details of Target.
With 10 offices and a very experienced Residential Property Team, please contact us on 0800 160 10 10 or 01609 780 717.