If you bought your home using the government’s Help to Buy Equity Loan scheme, you may now be approaching the end of your initial five-year interest-free period. We are here to help you navigate your next steps.
At LPR Mortgages, we provide straightforward, impartial advice to homeowners across Rugby and Warwickshire on the best financial steps for their Help to Buy property.Whether you want to remortgage, pay off a portion of your loan, or sell your home, Lloyd and the team are here to make the process completely stress-free.
What Happens When Your Interest-Free Period Ends?
For the first five years of your Help to Buy Equity Loan, you do not pay any interest on the borrowed amount. However, once this period ends, interest fees will be applied and will increase every year. This will raise your monthly expenses, so now is a good time to look over your mortgage options.
We can help you find a few ways to keep your monthly mortgage payments low:
Remortgaging to Pay Off the Equity Loan
Many homeowners choose to remortgage their property to pay off their government loan in full. If your home has gone up in value or your income has gone up, we can help you get a new mortgage that covers both your existing balance and the equity loan.
Partial Repayment (Staircasing)
If you can’t pay off the whole equity loan at once, you can choose to pay it off in chunks, usually starting at 10% of your home’s current market value. We can help you figure out the financial effects and see if your current lender is flexible enough to meet your needs.
Remortgaging Your Existing Balance
If you are happy to start paying the interest fees on the equity loan, you might simply want to find a more competitive interest rate for your main residential mortgage. As an impartial broker, we have access to the whole market to find the best possible deal for you.
Official Government Guidance
For administrative details on managing your current account, paying your interest fees, or the legal process of selling, you can find the official guidelines directly on the government’s Help to Buy Equity Loan page.
However, when it comes to securing the actual funding to remortgage or repay the loan, you need impartial financial advice. That is exactly where LPR Mortgages steps in.
Looking for New First-Time Buyer Schemes?
Please note that the original Help to Buy Equity Loan program is no longer accepting new applications. If you’re a first-time buyer in Rugby who needs help getting onto the property ladder, we can help you find the best options, like Shared Ownership, guarantor mortgages, and current government guarantee schemes.
Please note that the original Help to Buy Equity Loan program is no longer accepting new applications. If you’re a first-time buyer in Rugby who needs help getting onto the property ladder, we can help you find the best options, like Shared Ownership, guarantor mortgages, and current government guarantee schemes.
Please note that the original Help to Buy Equity Loan program is no longer accepting new applications. If you’re a first-time buyer in Rugby who needs help getting onto the property ladder, we can help you find the best options, like Shared Ownership, guarantor mortgages, and current government guarantee schemes.
Let’s Discuss Your Options
Do not wait until your interest-free period expires. Get ahead of the market and find out exactly what your options are
Book Your Free Consultation Today
Location
12 William Eccles Close, Houlton, Rugby, Warwickshire, CV23 1FB
Call Us
07568 091968
Email Us
lloyd@lprmortgages.co.uk
