Help to Buy Remortgage in Nottingham

When it comes to repaying your Help to Buy equity loan, the amount is determined by the property’s value at the time of repayment. This value is determined by an independent surveyor who is certified by the RICS (Royal Institution of Chartered Surveyors).

You do not need permission to repay the loan, but if you plan to use a remortgage to pay off only a portion of the loan, you will need to seek permission to increase your mortgage or switch to a different provider.

Keep in mind that the cost of the surveyor will be covered by you and must be provided in a specific format. You cannot simply ask a local estate agent for a valuation.

It’s important to note that the survey is only valid for 3 months, so it’s best to apply for the remortgage as soon as possible to avoid expiration. Once you have the valuation figure, you will need to fill out a loan repayment application form, submit the valuation report, and pay an administrative fee.

You will then receive a redemption figure, which will tell you the exact amount you need to repay. Don’t worry if your initial estimate is slightly off, as you can still apply for your Help to Buy remortgage and make changes before completion with our assistance.

Are you considering borrowing more money on your mortgage to repay your equity loan? This can provide peace of mind, knowing that the debt will no longer accumulate if your home increases in value.

As a mortgage broker in Nottingham, specialising in Help to Buy Remortgage, we understand the importance of this decision. That’s why we offer mortgage advice in Nottingham that includes approaching your existing lender on your behalf to see if they will consider increasing your mortgage. This is known as a further advance mortgage.

However, it’s important to note that a further advance may come with a different interest rate and end date compared to your original mortgage.

This can result in having two “sub accounts” attached to your mortgage, making it more challenging to remortgage with a new provider in the future. To avoid this inconvenience, many people choose to apply for the additional funds around the same time their deal is ending.

If you decide to change lenders to secure the most suitable deal available, this is known as a remortgage. With a remortgage, only one rate of interest will be charged across the entire mortgage.

We understand that you may be hesitant to pay for a survey if you’re unsure about being approved for the mortgage. That’s why we offer a free mortgage agreement in principle ahead of time, giving you the confidence to proceed.

As a reputable mortgage advisor, it’s our responsibility to ensure that you fully understand the features and benefits of a remortgage to repay an equity loan before you apply.

Our mortgage brokers have access to thousands of remortgage deals, allowing us to shop around on your behalf and save you both time and money. Trust us to guide you through the process and help you make the best decision for your financial future.

When it comes to repaying your Help to Buy equity loan, Homes England will work with your chosen solicitor (don’t worry, we can help with this) to prepare a “legal undertaking” – a formal agreement that outlines the necessary requirements.

To ensure a smooth repayment process, it’s important that you are not in arrears with any fees, charges, or payments on your account. Once your solicitor sends the legal undertaking to Homes England, they will issue an “authority to complete” within 5 working days, allowing the equity loan to be cleared.

However, if you are not repaying the full amount of the equity loan, there are additional steps that Homes England must take before issuing the authority to complete. In this case, you will need to seek their permission to increase your mortgage.

On the day of completion, your solicitor will request the necessary funds from your mortgage lender and transfer them to repay the equity loan. The settlement figure will include all interest charges, arrears, and fees.

Once the process is complete, you will receive a completions statement and Homes England will remove their legal charge from your property.