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Help to Buy Remortgage in Nottingham

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Help to Buy Remortgage in Nottingham

Looking at remortgaging a home you bought as a help to buy in Nottingham.

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Help to Buy Remortgage in Nottingham

As a mortgage broker in Nottingham, we specialise in helping clients with their Help to Buy remortgage needs. This type of remortgage involves increasing your borrowing in order to repay the equity loan that was initially taken out when you purchased your home.

Since the loan amount is based on a percentage of your property’s value, it is likely that the amount you owe has changed since your purchase (typically 20%).

However, navigating this process can be challenging, with various obstacles to overcome with your new mortgage lender and through the legal process. That’s why it is highly recommended to seek the guidance and support of a mortgage advisor in Nottingham. Contact us today to speak with an advisor for free!

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Help to Buy Remortgage in Nottingham

Remortgage in Nottingham to pay off Help to Buy options

Are you looking to pay off your Help to Buy options through a remortgage? Look no further. Our team of expert mortgage brokers in Nottingham specialise in Help to Buy remortgages and are here to help you every step of the way.

With us, you can start the remortgage process up to 6 months before your Help to Buy mortgage deal ends. Depending on the current value of your property and your affordability, you have three main options to consider for your Help to Buy remortgage.

The first option is to take out a new mortgage or use your savings to repay the equity loan in full, giving you 100% ownership of your property. The second option is to repay a portion of your equity loan, with a minimum repayment of 10%, also known as “staircasing.” Lastly, you can choose to do nothing and keep the equity loan, which can be repaid through savings or the sale of your property in the future.

While most clients prefer the first option, our team will thoroughly explore all options with you to find the best fit for your specific situation. Don’t hesitate to speak to one of our advisors for free and get started on your Help to Buy remortgage journey today.

Help to Buy remortgage process in Nottingham

At the end of your Help to Buy mortgage’s 5-year fixed rate period, it’s time to consider your options and take control of your financial future. As a specialised mortgage broker in Nottingham, we understand the importance of finding the right Help to Buy remortgage deal for you.

With our free, no-obligation mortgage consultation, our experienced advisors will guide you through the process and provide you with a clear understanding of your options. We’ll also calculate your new monthly repayments, giving you the information you need to make an informed decision about repaying the equity loan.

If you choose to repay the loan, our dedicated mortgage team will help you with any necessary valuation and legal work. Our goal is to make the process as smooth and stress-free as possible, giving you peace of mind and financial stability.

Don’t wait until it’s too late, speak to one of our advisors today for a free consultation and take the first step towards a hassle-free Help to Buy remortgage.

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Help to Buy Remortgage FAQs in Nottingham

How much do I owe on my help to buy equity loan in Nottingham?

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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.

Should I seek advice for my help to buy remortgage in Nottingham?

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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 best 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.

How does the legal process on a help to buy remortgage in Nottingham work?

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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.

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Our Simple 4-Step Process

Free 30-Minute Remortgage Review

Step 1

As a mortgage broker in Nottingham, we specialise in helping with Help to Buy remortgages. Our team of experts will carefully assess your current mortgage terms, taking into account factors such as interest rate, remaining balance, and repayment schedule.

We Can Search 1000s of Remortgage Deals

Step 2

Are you looking for a Help to Buy remortgage in Nottingham? Look no further! Our team of expert mortgage brokers will conduct a thorough search of thousands of remortgage options to find the best deal for your specific needs. Trust us to find the perfect remortgage solution for you.

Submit Your Remortgage Application

Step 3

After accepting the offer, our dedicated team will proceed to submit your complete mortgage application and send all necessary documents to the lender.

Protecting You and Your Mortgage

Step 4

As a mortgage broker in Nottingham with expertise in Help to Buy Remortgage, we understand the importance of staying on top of your mortgage renewal. That's why we will proactively reach out to you when it's time for your next remortgage, ensuring you have the most suitable mortgage deal and insurance products in place.

Reasons to Choose Us

Free Remortgage Review in Nottingham

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As a mortgage broker based in Nottingham, our primary goal is to offer you guidance and support when it comes to Help to Buy remortgaging. Whether you're contemplating refinancing your property or nearing the end of your fixed term, our team of dedicated remortgage advisors in Nottingham will provide you with a complimentary remortgage review. This service is accessible to all clients, regardless of their financial or personal situations.

Search 1000s of Remortgage Deals

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As a mortgage broker in Nottingham with expertise in Help to Buy Remortgage, our services are invaluable. Our extensive network includes a diverse range of lenders, both mainstream and specialist. With a multitude of products and offers at our disposal, our team can efficiently search through thousands of remortgage options to find the perfect fit for you. We consider your individual and financial situation in order to recommend a tailored deal that meets your unique requirements.

Our Service

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Our team of mortgage brokers in Nottingham are well-versed in the intricacies of the industry. In addition to securing a more favourable mortgage deal for you, they can also guide you through other remortgage possibilities such as debt consolidation and utilising a remortgage to enhance your home. If you're considering working with a mortgage broker in Nottingham, we encourage you to take a look at our authentic customer reviews. These testimonials come from satisfied home buyers and homeowners who have utilised our services and appreciated their experience with us. You may even find someone who has faced circumstances similar to your own.

7 Days a Week

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Our team of knowledgeable mortgage brokers in Nottingham specialise in Help to Buy remortgage options. We understand that your time is valuable, which is why we offer flexible scheduling options. You can easily schedule an appointment with our experts at a time that works best for you, even if it's outside of regular working hours or on the weekend. Our goal is to make it convenient for you to fit in your review amidst your busy schedule. To begin your free remortgage review, simply schedule an appointment with one of our experienced remortgage advisors in Nottingham. We will walk you through the process and help you in taking the next step towards becoming a homeowner.

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Help to Buy Remortgage Options in Nottingham Explained

Option 1 – Repay the equity loan in full

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As a specialist mortgage broker in Nottingham, we understand the importance of repaying your Help to Buy equity loan in full to maintain 100% ownership of your property.

If you have the means, you can use cash from savings or family gifts to repay the loan. However, if this is not an option, you can also consider using funds from a mortgage.

This can be done through a new Help to Buy remortgage with a different lender or by taking a further advance from your current lender.

Our team will help you in comparing the most affordable option for your specific situation. Many of our clients who have taken advantage of the Help to Buy mortgage scheme have opted for a 5-year fixed deal to align with the interest-free period of the equity loan.

If you are planning to repay the equity loan through a mortgage, we recommend seeking mortgage advice and reviewing your options at least 6 months before your current fixed rate ends.

This will ensure that you have enough time to make an informed decision and secure the best deal for your needs.

Option 2 – Repay a minimum of 10% of the equity loan

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If option 1 is not feasible or your financial circumstances have changed, you may not be able to secure a mortgage for the additional funds.

In this case, you have the option to repay 10% of the equity loan through a lump sum payment, known as staircasing. This process still requires an open market valuation, as mentioned previously.

The remaining 10% will be repaid according to the terms of the original contract, typically after 25 years from the date of purchase, or upon the sale of your home or a future remortgage.

Please note that you will continue to pay interest on the remaining 10% equity loan, with the interest rate increasing annually in April.

Option 3 – Leave everything as it is

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If you are currently unable to pursue options 1 and 2, you can postpone addressing your help to buy remortgage for the time being.

As long as you are fulfilling the terms and conditions of your loan and making timely payments, you can continue with the loan for its full 25-year term.

However, at the end of the term, the entire loan amount must be repaid. Additionally, the government will maintain a 20% (or 40% in London) ownership of your home, entitling them to any future increase in its value.

They will also receive your monthly interest payments, which are subject to an annual increase in April.

Keep in mind that if you choose to keep your current help to buy mortgage, finding a better interest rate may be more challenging due to stricter lending criteria.

But with the help of a skilled mortgage broker in Nottingham, navigating these challenges should be a breeze.

Mortgage Guides & Nottinghammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Nottingham, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

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