Any Help to Buy experts on here?
Discussion
CalNaughtonJnr said:
As title, looking for advice on releasing funds for Help to Buy loan. Thanks in advance
"releasing funds for Help to Buy loan"What does that mean?
Are you talking about remortgaging a property you own, that you used the HTB Equity Loan to buy, and now want to remortgage the property and pay of the Equity Loan at the same time?
Sarnie said:
"releasing funds for Help to Buy loan"
What does that mean?
Are you talking about remortgaging a property you own, that you used the HTB Equity Loan to buy, and now want to remortgage the property and pay of the Equity Loan at the same time?
My partner are looking to buy a place together - I have my own property with a decent amount of equity, she has her own flat in a desirable area purchased with Help to Buy. Perhaps we are being ambitious but we would like to explore the possibility of keeping the flat with a view to renting it out but in order to do that we need to pay off the HTB loanWhat does that mean?
Are you talking about remortgaging a property you own, that you used the HTB Equity Loan to buy, and now want to remortgage the property and pay of the Equity Loan at the same time?
We have spoken to her current mortgage provider and were told they would not provide additional lending for the purpose of paying off the HTB loan unless she had owned the property for 7 years or more (it is only 3 years old). My partner dealt with a financial adviser when she bought the property and they have said it would 'simply' be a case of remortgaging on a buy to let but I am uncertain if this is the right way to go?
I am looking for advice on any further options
CalNaughtonJnr said:
a case of remortgaging on a buy to let but I am uncertain if this is the right way to go?
It's the only option available to you if your intended purpose is to rent out the property.......naturally the lending amount required needs to fit lending criteria (max 75% LTV, rental stress calculations etc).Sarnie said:
Care to elaborate? 
Too much BS involved on the back end. Have to deal with inept third-party management companies that are responsible for the paperwork of repaying the loan and removing the charge on the property. This added 6 months and considerable costs to our sale last year.ManicMunky said:
Too much BS involved on the back end. Have to deal with inept third-party management companies that are responsible for the paperwork of repaying the loan and removing the charge on the property. This added 6 months and considerable costs to our sale last year.
Indeed.................I agree entirely Gassing Station | Finance | Top of Page | What's New | My Stuff