Equity loan remortgage options after 5 years // Help to Buy // First Time Buyer Secrets

[@NBS_Haywardx]

The video I didn’t know I needed! We are due to move in early to mid May and have used H2B equity loan. Such a fab video to plan for the future and even thought it’s 4/5 years away we plan to remortgage the home with H2B equity loan and will be coming back to you so thank you Alex x

[@alexkerrmortgage]

Thank you for watching and I'm glad it is helping!

[@samjohnson8944]

Thinking of going down the help to buy scheme, useful knowing there’s the option to remortgage, thank you again! So useful.

[@alexkerrmortgage]

Any time!

[@barrysherwood2120]

Just looking to get a mortgage but learning as much as I can , I'm a bit late to this at 40 years old but better late than never

[@JamesColemanChess]

I just took out my first mortgage this week at 44. It’s not so unusual nowadays. Go for it!

[@anakwaboah]

Such a great video. Hope your company is around in a few years when I plan to pay off mine via remortgaging 🙏🏾

[@alexkerrmortgage]

I am sure we will be, just get in touch when you are ready!

[@nathaniel8150]

Just a quick question I thought there was a option to pay off the equity loan in 10% of property value steps.

[@ScottishJazzman]

There is. You require a full valuation from a RICS chartered surveyor. Each time you want to make a 10% “step payment”

[@alexkerrmortgage]

Hi Nathaniel, yes that is correct! This video was more to focus on what happens at the five-year point, when the interest free period expires… But thank you for pointing that out, and thank you to the Scottish jazzman for the input as well!

[@antantayisa1813]

Hi i love the video. We are looking to remortgage and pay off our help to buy in 6 months is this to early? and do you operate in the whole of uk? Norwich for instance? Cheers

[@alexkerrmortgage]

Thank you very much for watching! You can repay the help to buy equity loan at any time... It's always good to get it repaid, otherwise help to buy will benefit from any increase in property value. Yes we deal with the whole of the UK, I was in Norwich a couple of weeks ago, love shopping there, I now live in Norfolk!

[@andrewpalgrave9477]

My name has been added to deeds on my grandparents property, was living in common. My grandad sadly passed away in December. I have 50% in the property held in trust. I’m looking to buy my first house with my partner. Will I have to pay stamp duty on our first house? Thanks

[@alexkerrmortgage]

Hi Andrew, sorry to hear of this. You will not qualify for the lower stamp duty rates as a first time buyer. Please use this calculator below, to work out how much you would need to pay. www.mortgagechain.co.uk/stamp-duty-calculator/

[@cedric9288]

I'm 2 years in and wonder if my 10 year life partner, can purchase my equity loan via a mortgage so we are both the home owners? ( he couldn't join from the get-go as he has a property in another counter and wasn't qualified as first time buyer)

[@alexkerrmortgage]

Hi Cedric, thanks for watching and your comment. I see we spoke earlier today, so I don't think I need to answer this one for you anymore!!

[@Sofura.academy]

Hi I am looking to take an equity loan but in my area, there are very few new built houses, what can I do in this case?

[@alexkerrmortgage]

You can only purchase new builds with the equity loan, so the only other chances with the to see if any new developments will happen, or look in different locations.

[@rajarakeshreddyallam6430]

Is it worth to pay in to isa to max out tax breaks, instead of paying down help to buy? In the long run,equities outperform realestate?

[@alexkerrmortgage]

Sorry but I don’t fully understand your question, if you could elaborate a little bit that would be great. Thank you.

[@xjay1234]

You can't consolidate your HTB equity loan with your mortgage (if the house is in negative equity is it true)?

[@alexkerrmortgage]

Yes that is true

[@xjay1234]

@@alexkerrmortgage WOW TODAY'S MY COMPLETION DAY ANS MR MORTGAGE RESPONDS TO ME LOL WHAT ARE THE ODDS 😂

[@alexkerrmortgage]

@@xjay1234 haha - excellent news that you are completing, good luck!

[@xjay1234]

@@alexkerrmortgage All done! House mine!

[@annaleja9154]

Hi. Me and my partner want buy a home this year. Both first time buyers. I'm 38 and he is 49. What is a maximum amount of years for mortgage we can get?. Thanks.

[@alexkerrmortgage]

Hi Anna, 20 years, so to a maximum age of 69, or 74 possibly if you contribute towards a pension via salary. This would also need to tie in with your retirement age.

[@RedPillAdventurer]

Questions; 1) So I'm getting the H2B equity loan. What happens if after 2 years I want to upgrade to a bigger home ? Can this be done? If so, Does the government get 20% equity in my new home without paying in the difference or do they chip in the extra cash? 2) I plan to remortgage my existing property to a buy to let while simultaneously seeking a new residential mortgage to upgrade to a bigger property. Is this possible and are there any issues doing this? If the help to buy loan is an issue then if I remortgaged on a buy to let and pay off the loan. This should solve that issue, right ? Then simultaneously get a residential mortgage to upgrade to a larger home. Anyone notice an issue with doing this?

[@alexkerrmortgage]

1) So I'm getting the H2B equity loan. What happens if after 2 years I want to upgrade to a bigger home ? Can this be done? If so, Does the government get 20% equity in my new home without paying in the difference or do they chip in the extra cash? H2B will take a percentage of any increase in equity (the same percentage that you borrowed) - you can move as long as your current mortgage allows that and you have sufficient equity. 2) I plan to remortgage my existing property to a buy to let while simultaneously seeking a new residential mortgage to upgrade to a bigger property. Is this possible and are there any issues doing this? You can't do this while you have an help to buy equity loan.

[@jamieedgerton9931]

Hi, I want to use help to buy to purchase my first home I have a good deposit 16% can I use help to buy still with the 20% equity loan. As I am doing this solo I need the 20% equity loan to afford the house I want even with the higher deposit, I also have a car on finance however I have the money to pay this off in full do you think I should pay this off before application

[@alexkerrmortgage]

Hi, thanks for watching. You can borrow up to 20%, or you could borrow less and put more deposit in yourself. In regards to paying off the loan, it all depends of the balance, the monthly payment, this is a calculation that would be made taking lots of things into account which would include how much you are looking to borrow, the deposit, the lender. This question could be answered by a mortgage adviser at the time you are looking to buy property, once they understand your full situation.

[@FootprintsForTwoTravel]

Personally, I do not see this as worth it. I think this would be amazing if you could pay it off in smaller chunks, 500 here, 1000 there for example. But since its basically 50% each time, in very harsh in my opinion. Great again though Alex :(

[@alexkerrmortgage]

You can repay 10% of your property value, in repayments of the equity loan, without penalty.

[@FootprintsForTwoTravel]

@@alexkerrmortgage Yeah the only trouble is, if you take 20% loan, that works out half of the loan cost. So if you get a 200 grand property and a 40 grand loan, you must pay it back in 20 grand instalments which in my opinion, is insane!

[@buytolet-landlords]

The scheme is certainly not for everyone. That's one of the points I make, it's difficult to pay back for the majority. Great video Alex