Redemption of Help to Buy
The Help to Buy Equity Loan scheme is closed to new applicants, but many homeowners still have a Help to Buy loan secured against their property. The scheme provided a government-backed loan towards the purchase price in return for an equity stake, so the amount you repay is linked to your property’s value rather than the amount you originally borrowed.
If you have a Help to Buy Equity Loan, you may be thinking about repaying some or all of it. This is known as redeeming your loan. What you need to repay, and the steps involved, depend on how you choose to do it: you might repay when you sell, when you remortgage, or by using your own funds for a partial or full repayment.
Because a Help to Buy Equity Loan is secured against your property as a second charge, redeeming it involves specific legal and administrative steps. We can manage those for you and help avoid unnecessary delays.
How we can help
We can:
- Explain the redemption process and your options
- Liaise with your mortgage lender and the Help to Buy administrators
- Assist with the legal requirements of a sale or remortgage
- Prepare and submit the necessary documentation
- Help the loan be redeemed as smoothly as possible
Because what you owe is tied to your home’s current value, it’s worth getting the timing and figures right, and we’ll help you do that.
Some people redeem their loan when they sell the property. Others remortgage to repay it, or use their own savings to clear part or all of it. Whichever suits you, we’ll handle the legal side and keep it moving.
If you’re not sure which of these fits your situation, call us, and we’ll point you in the right direction.
