Mortgage to repay help to buy loan

The Story

At Fox Davidson, we pride ourselves on being a knowledgeable mortgage broker. One of our areas of expertise is repaying help to buy loans via a remortgage. Recently, we had the privilege of assisting a homeowner in London who was looking to remortgage in order to repay a help-to-buy loan. 

In this case study, we’ll delve into the details of how Fox Davidson navigated the complexities of remortgaging to repay a Help to Buy loan, providing our client with a tailored and efficient mortgage solution.

Our client, a homeowner who had initially taken advantage of the Help to Buy scheme was coming to the end of their 5 years interest-free period of the loan. They approached Fox Davidson intending to remortgage their main residence. The objective was to repay the outstanding Help to Buy equity loan and secure a more favourable mortgage offer aligned with their long-term goals.

The Challenge

The primary challenge for our client was twofold – securing a remortgage on favourable terms and raising sufficient funds to repay the Help to Buy equity loan. Understanding the can and can-nots of government-backed schemes can be complex, and our client sought expert guidance to ensure a smooth and successful transition.

Fox Davidson’s Tailored Solution:

Understanding the unique challenges presented by the Help to Buy equity loan, Fox Davidson’s team of experts initiated a comprehensive analysis of our client’s financial situation. We designed a bespoke solution that involved a strategic remortgage to both repay the Help to Buy loan and secure a more advantageous mortgage arrangement.

Key Steps Taken:

Financial Assessment:

Fox Davidson conducted a detailed financial assessment, considering the client’s current mortgage terms, affordability, the outstanding Help to Buy equity loan, and their overall financial goals.

Remortgage Strategy:

Our team devised a remortgage strategy that provided sufficient funds to repay the Help to Buy loan.

Liaison with Lenders:

Leveraging our extensive network of lenders, Fox Davidson initiated discussions with potential lenders who specialise in remortgages involving government equity loans. This ensured that our client had access to lenders willing to accommodate their unique financial requirements.

Communication:

Throughout the process, we kept our client informed and educated on the process of remortgaging to repay a Help to Buy loan. 

Frequently Asked Questions (FAQs) – Remortgaging to Repay Help to Buy Loan:

Can I remortgage to repay a Help to Buy equity loan?

Yes, remortgaging to repay a Help to Buy equity loan is a common and viable strategy. Fox Davidson specialises in facilitating such transactions, providing tailored solutions to meet individual needs.

Are there specific lenders that offer remortgages for Help to Buy equity loans?

Fox Davidson works with a network of lenders, including those experienced in remortgages involving government equity loans, ensuring clients have access to suitable financial solutions.

How does the Help to Buy equity loan affect the remortgage process?

The Help to Buy equity loan adds a layer of complexity to the remortgage process. Fox Davidson’s expertise ensures a smooth transition, handling all aspects associated with repaying the government-backed scheme.

How long does the remortgage process take when repaying a Help to Buy loan?

The timeline for remortgaging to repay a Help to Buy loan typically takes around 6 to 8 weeks from application to draw down of the mortgage.

The Solution

Conclusion:

Fox Davidson’s success in securing a remortgage to repay a Help to Buy equity loan underscores our commitment to delivering tailored mortgage solutions. If you are a homeowner looking to repay a Help to Buy loan please do get in touch with one of our brokers.