Remortgaging and help to buy

[frillypots]

Hi

Wonder if anyone has the answer to this.

We owe £100,000 on our mortgage, the house has just been valued at £200,000. When we purchased 4 years ago we used the help to buy equity loan which was £28k at the time, now it would be £40k to repay (due to rise in house value)

We want to get some equity out to build an extension - we need to pay help to buy off or their payback will keep rising (especially if the extension adds more value)

Is it possible to remortgage and borrow the money to pay back help to buy plus some extra for the extension so potentially we need 40k to repay help to buy and £30k for the extension.

We were First time buyers so don't have a clue with this.

Thanks in advance

Yes, as long you pass affordability checks you can borrow more and add it to the mortgage to pay H2B back.

And for the extension

Yes, depending on your circumstances and affordability, and if approved whether you are happy with the repayments.