We took out a ‘Help to Buy Mortgage Guarantee’ to purchase our home in Greater London just over two years ago. This was a 5% deposit and as we understand 15% is underwritten by the government as a guarantor. We used Barclays.
We were able to switch rates to a lower percentage which is good but have been told by Barclays that we cannot remortgage and we cannot raise capital against the equity in the property now or in the future and we are locked in indefinitely.
My husband is very frustrated with his account manager at Barclays who is suggesting we can’t switch from Barclays to another lender.
We have re-read all of the mortgage terms and there is nothing to suggest that the ‘help to buy mortgage guarantee scheme’ is this restrictive.
Please note this is NOT the Equity Loan scheme.
Any advice please?