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7 Steps to Remortgage your Help to Buy Equity Loan
Are You Looking to Remortgage with a Help to Buy Equity Loan?
Whether you want to remortgage and repay the Equity Loan or keep it in place and get a better rate, we've access to ALL UK lenders who offer Help to Buy Remortgages.
Here are just some of the questions we can help answer and ways we can help you.
To answer your questions or get a FREE Help to Buy remortgage quote let us call you for No Obligation Advice
When should you pay off the Help to Buy Equity Loan?
With increasing house prices, the longer you leave it to repay the Help to Buy Equity Loan, the more you will owe the Government because you pay back the percentage you originally borrowed.
If you have enough equity in your property, you can raise extra money with a remortgage to pay back the Equity Loan, saving you money in the long run,
Steps to Repay the Help to Buy Equity Loan
Below are the 7 STEPS to repaying the Equity Loan
step 1
How Much Is Your Property Worth?
You will need to pay for a specialist survey so Help to Buy can determine how much you need to pay them back. But before you start spending money on getting a valuation, we use online resources to get an idea of the current value of your property to make sure the numbers stack up.
step 2
Do You Have Enough Equity?
To remortgage and pay back the Equity Loan, you must have enough equity in your property to pay back your current mortgage and the Help to Buy Equity Loan. When you add these two amounts together, ideally you will want it to equal less than 90% of your current property value. Remember, the amount you now owe on the Equity Loan will be based on the current property value.
step 3
Get A Mortgage Agreed In Principle
Make sure you can get the new mortgage amount required. You will have to pass the lenders affordability test for the new loan and get an Agreement in Principle before you pay for a Help to Buy Valuation and complete all the forms. We check your affordability with ALL the lenders and can get you agreed in less than 15 minutes. Click here to find out more
step 4
Get an RICS Help to Buy Valuation
Help to Buy will require that you get an RICS qualified surveyor to produce a valuation so that they can confirm how much you need to repay. You need to find a local, qualified surveyor and pay for the valuation before sending in the application forms. These are valid for 3 months, so you will need to complete on your new remortgage within this time. You can find a local one to you here at RICS
step 5
Apply to Repay the Equity Loan
Complete the Help to Buy Equity loan repayment application form and submit this with your Valuation report, your solicitors’ details, and their £200 administration fee. You may be able to use the lenders solicitors if you are arranging a remortgage with a FREE legal package, but they are likely to charge for repaying the Equity Loan. You can download the form here
step 6
Apply for your Remortgage
Now its time to apply for your remortgage. You'll want to make sure you are going to the best lender and getting the best rate in the market. We deal with ALL UK lenders (thats over 90) so you can be sure you're getting the very best mortgage from the whole market. Whats more, we can get you agreed in as little as 15 minutes and all over the phone. For more information click here
step 7
Legal Work & Completion
Now, it’s all in the hands of the solicitors. This part of the process must complete within 3 months of the date of your Help to Buy valuation. Once completed, you will now just have the mortgage and be free of the Help to Buy Equity Loan.
How We Can Help You
At DS Mortgages we can help you work out if you have enough equity to remortgage and pay off your current mortgage AND raise the extra to pay back the Help to Buy Equity Loan. Here's what we can do for you:
Why not contact us below for an informal talk to answer all your questions or get a FREE no obligation quote. We do all our work over the phone, so can help you wherever you are based in the UK.
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Our Team
We’re a family-run team with professionalism, expertise and excellent service at the heart of everything we do.
Mortgage & Protection specialist
Darren Shepherd
With over 30 years of experience in financial services Darren is the heart of DS Mortgages and founder of the company. His qualifications include certifications in Mortgage Advice as well as Equity Release, allowing him to provide our customers with his unique expertise when it comes to their mortgages. He’s also a member of the Society of Mortgage Professionals Certs CII (MP & ER)
mortgage & protection specialist
Debbie Shepherd
Debbie has over 20 years Helping clients with their mortgage and protection requirements.
Originally from an Estate Agency Background, Debbie has first hand knowledge of HOuse Purchase and Sales and is ideally placed to help our First Time Buyers and Home Movers through every step of their journey
mortgage & protection specialist
Kai Shepherd
Kai holds the Certificate in Mortgage Advice and Practice and is a member of the Society of Mortgage Professionals Certs CII (MP).
As a qualified Mortgage and Protection advisor he supports our clients to deliver an exceptional service throughout the mortgage process. He has worked alongside Darren since 2019
Contact Us
Address:
Woodland Enterprise Centre, Hastings Road, Flimwell, East Sussex, TN5 7PR, UK
Email:
Phone:
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE
A typical fee for arranging a mortgage is £299. However, the actual fee will depend on your circumstances but will not exceed £999. DS Mortgages is an appointed representative of Stonebridge Mortgage Solutions Limited which is authorised and regulated by the Financial Conduct Authority.
Proprietor: Darren Shepherd
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