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Latest Expert Articles...

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Help to Buy Remortgages

October 23, 20237 min read

Options for re-mortgaging with a help to buy equity

loan.” - Alex Kerr


Are you a homeowner who took advantage of the government's Help to Buy scheme to purchase your property? If so, you may be wondering how to remortgage your home if you have a Help to Buy equity loan. In this article, we will explore the process of a Help to Buy remortgage and provide you with valuable information on how to repay and redeem your equity loan.

help to buy remortgage

Here are all of your options when considering to remortgage with a help to buy equity loan

Help to Buy remortgage

The Help to buy: Equity Loan Scheme was introduced between 2013 and 2021. You may find that your mortgage is about to move onto the lender’s standard variable rate which is usually a higher rate. 

You may want to know whether you can remortgage a Help to Buy home and what options you have to carry on with your help to buy equity loan or redeem your help to buy equity loan, and if any permissions are needed. If you’ve got any questions, please read this guide or contact a
Mortgage Chain Broker now for a quick response. 

Why remortgage a help to buy property ?

  • Your mortgage deal is about to end

  • You want to repay your help to buy equity loan

  • You want to part-repay your help to buy equity loan

  • You want to access additional value in your property

Do you have to repay the Help to Buy loan when you remortgage?

You do not need to repay your equity loan during a help to buy remortgage. Maybe you are not in a position where you can remortgage and pay off your current mortgage lender plus your help to buy equity loan. Maybe you do not have the income or the equity. In this case you can keep your help to buy equity loan running or part pay your help to buy equity loan, which is covered below. It is important to be aware of the help to buy government loan charge after five years.

Help to buy government loan charge after five years

You’ll also need to consider that the Government will start charging interest on the loan you borrowed for a deposit after 5 years - a step up from the £1 monthly management fee.

The Government issued all Help to Buy loans on an agreement that did not charge interest for the first 5 years, with only a nominal fee each month for management fees.

After 5 years, you’ll need to pay for borrowing the money - this is called interest. This is another reason why some people choose to pay this off with a remortgage.

From year 6, you'll need to pay:

  • Monthly interest of 1.75%

  • £1 per month for a management fee

The interest will rise each year in Spring by the Regional Price Index plus 1%.

A Help to Buy remortgage and part paying off your equity loan

Another option is what is known as staircasing. Staircasing a Help to Buy equity loan is the process of lowering the loan from the government in 10 per cent stages.

If you are planning on moving home, then this could be the ideal help to buy remortgage solution, as you are going to be paying down your equity loan debt while increasing the equity in your home at the same time. Depending on your expenditure and income, you could be able to remortgage to a mortgage amount that will enable you to start a partial repayment of the help to buy equity loan on your home.

If you do decide to go down this route, an independent valuation of your property will need to be carried out by a RICS qualified surveyor, so that both the mortgage lender and the Help to Buy scheme administrator can evaluate the value of your property at present.

What mortgage lenders can I use to repay the Help to Buy equity loan

There are a number of mortgage lenders that will enable you to choose a Help to Buy remortgage deal that involves staircasing, so it is important to take your time to narrow down your search effectively.

This is something that Mortgage Chain can assist with. We make sure that you choose the best Help to Buy remortgage deal based on your current situation.

Can you pay off the Help to Buy loan before the five year interest free period ends?

Yes, you can pay off the loan as early as you wish. You will need to get the property valued by a surveyor as you need to be repaying 20% of the property’s value, regardless of how much it was valued at when you originally bought it. 

Can I remortgage and repay the Help to Buy loan?

Remortgaging your home can be a smart financial move, especially if you want to secure a better interest rate or release equity for home improvements or other purposes. However, when you have a Help to Buy equity loan, the process of a Help to Buy remortgage can be a bit more complex. But don't worry, we're here to guide you through it!

The first step in a Help to Buy remortgage is to find a lender who is willing to work with you. Not all lenders are familiar with the Help to Buy scheme, so it's important to do your research and find one who specialises in this area. They will be able to guide you through the process and ensure that everything is done correctly.

Once you have found a suitable lender, the next step is to assess the value of your property. This will determine the amount of equity you have in your home and will play a crucial role in the remortgaging process. It's important to note that the Help to Buy equity loan is a percentage of the property's value, so any increase in value will also result in an increase in the loan amount.

After assessing the value of your property, it's time to start the Help to Buy remortgage process. Your new lender or mortgage broker will work with you to determine the best mortgage product for your needs and will take into account your Help to Buy equity loan. They will also guide you through the application process and help you gather all the necessary documentation.

One important thing to consider when remortgaging with a Help to Buy equity loan is how you plan to repay and redeem your equity loan. The Help to Buy scheme requires you to repay the loan in full when you sell your property or at the end of the loan term, whichever comes first. However, remortgaging can provide you with an opportunity to repay the equity loan earlier if you wish.

To redeem your Help to Buy equity loan, you will need to contact the Help to Buy agent in your area. They will provide you with all the information and guidance you need to repay the loan. It's important to note that the amount you repay will be based on the current value of your property, so it's a good idea to have it revalued before contacting the Help to Buy agent for a Help to Buy Remortgage.

How can a mortgage broker help with my Help to Buy remortgage?

At Mortgage Chain we’d always recommend having a mortgage broker to help with the Help to Buy remortgage process. A lot of people find remortgaging with a help to buy equity loan quite daunting. There’s lots of moving parts and different parties involved when it comes to remortgaging with a help to equity loan.

I’ve had clients before who have tried to sort it out through their bank or direct with a lender. They hadn’t known that they needed to get a RICS qualified surveyor to value the property, which is the first step when you look to repay the loan.

At mortgage chain we have long-term relationships with mortgage lenders and know the entire process step-by-step.

Contact Alex Kerr at Mortgage Chain Ltd

Alex Kerr

Your Help to Buy remortgage maybe closer than you think – start exploring your options today by contacting myself, Alex Kerr at Mortgage Chain for a free no obligation chat so we can discuss your options. Just visit our website below and click "book a free chat". I look forward to helping you!

Book a FREE Mortgage Chat here: CLICK HERE

Other resources to help you get started with no deposit mortgages - Our YouTube Video on 100% Mortgages!

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Alex Kerr

Alex Kerr is a qualified mortgage broker who specialises in mortgages for First Time Buyers, Bad Credit & Re-mortgaging

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