Anyone know anything on help to buy loan?

[4658Lou]

Figures below: (I just want to try figure out how much I will owe out with help to buy loan if house is sold now? I think I will owe 20 percent added on if the house sold more than what I purchased it for?

house purchased for: £199,950
help to buy loan: £40,000
mortgage left: £131,056
house worth now: £260,000 / £310,000

thanks xx

It’ll be 20% of what you sell for (sorry, but confused as to why there are two numbers on what it’s worth now or I’d have tried the maths!)

Dont forget there are some fees involved too. I repaid mine a few years back.

@TheZeppo one house sold same as mine for £260,000 last year. And one house has just gone up for sale same as mine for £310,000, so the value is somewhere inbetween those. So would it be £58,000 I owe back instead of £40,000? If I sold for £260,000? That’s what I’m trying to work out I’m not that good at maths I wanted figures so I can see it haha

@TheZeppo what fees are involved?

if you sell for £260k then you would owe £52k on HTB. It’s simply 20% of the selling price, not added on to the original loan. (But if 20% of the selling price is lower than the original loan the. It is the original amount you pay back).

Disclaimer - that was what happened with my HTB but check your terms in case it’s something different for you!

Ah I’m with you now!

£260,000 = £52,000
£310,000 = £62,000

i didn’t move, so had a valuation done. They valued it (and proved to Target the value by showing three other similarly priced houses).

hope that helps!

Oh yes we had admin fees too, can’t remember how much now but maybe around £300

This is from memory, but there was definitely a £200 fee (Form B rings a bell?) and then a couple of other smaller ones (I had to pay valuation and solicitor, but if you’re moving those costs will already be there).