Ready to redeem your Help to Buy Loan?

READY TO REPAY YOUR HELP TO BUY LOAN?

REPAYING YOUR help to buy loan

Are you looking to redeem your Help to Buy Loan?

When you purchased your property, you may have purchased with the aid of a Help to Buy Loan and now the time has come for you to repay this Loan. You can repay your Loan in full (you are repaying the entire equity loan amount) or in part (you are repaying some of the equity loan amount). Repayment can take place by way of you using your own funds for example using savings, inheritance etc or by way of a re-mortgage.

AmicusLaw would be happy to assist you with dealing with the repayment of your Help to Buy Loan.

If you are looking to deal with the repayment of your Help to Buy Loan as part of the sale of your Property, this is also something we can assist with. Please refer to our page regarding sales for more information on the selling process.

Our approach

With local offices in Bridgwater, Minehead, Wellington, Yeovil, Martock, Exeter, Taunton, Ilminster and Weymouth. Your personal conveyancing lawyer will take you step by step through every important point in the process.

the STAGES OF Redeeming your help to buy loan

by Georgia Cavill

Georgia Cavill

CILEx Conveyancing Practitioner

You have the flexibility to repay your Help to Buy Loan using your own funds, such as savings or inheritance, or through a remortgage. If you choose to redeem through a remortgage, the initial step involves consulting with your mortgage advisor or lender to secure a mortgage offer or the necessary funds.

You will then need to arrange for a Royal Institute of Chartered Surveyor (RICS) Valuation to be completed on your property to enable you to obtain the Help to Buy Redemption Statement. You’ll be responsible for arranging and covering the cost of this valuation.

Once you have the valuation report, you’ll need to submit it to Help to Buy along with their completed form and payment for their administration fee. Keep in mind that both the valuation and the Help to Buy Redemption Statement are only valid for three months from the valuation date.

We recommend that you ensure you have all necessary funding in place to redeem your loan, before you obtain the Valuation,

to avoid any issues i.e. the Redemption Statement expiring ahead of your funding being sorted.

Government Guidance and Forms

For detailed guidance on repaying your equity loan and accessing the relevant forms, please refer to the following links:

Once your mortgage offer (if applicable) and the Help to Buy Redemption Statement has been issued to us, we can then review the same and complete the necessary steps in obtaining your funds and dealing with the redemption on your behalf.

More information on this process will be provided to you as part of your instruction with us.