The government funded Help to Buy Loan which was introduced in 2013 has proved a viable option for many property buyers who are looking to purchase newly-built properties. The loan or ‘leg-up’ is largely aimed at first-time buyers who account for over 80% of purchases using the scheme. So, if you are one of the property owners who has taken advantage of this fantastic scheme you might be wondering when the best time to look at repaying it is.
First of all, don’t panic! We know how stressful it can be when you are overloaded with a lot of information so we are here to break it down into friendly bite-sized chunks.
You should look to repay the equity loan once your fixed deal comes to an end.
Usually this is either 2, 3 or most commonly 5 years long so once you are nearing the end of the deal feel free to give us a call on 01925 573328 so that we can advise you on the best course of action. Once you are ready to start repaying your Help to Buy Loan we can help get the ball rolling by following 3 steps:
- Assessing your affordability
- Looking at the equity that has built up during the fixed deal period
- Finding you a lender
When it comes to repaying your Help to Buy Loan being prepared is key. We have experienced a lot of people over the years who leave it to the last minute and panic at the thought of racking up interest once they have had it for more than 5 years.
Give us a call on 01925 573328 and we would be more than happy to answer any queries you have or get started on repayment plans.