Help to Buy - 5 years almost up

[BeckhamsBalls]

So as the title says, we haven't paid back the equity loan so will start accruing interest but we are thinking of moving.

So has anyone done this and:

Can we do part exchange with another house builder (presume we would only have a little to put towards it once the equity loan is revalued and taken)

Or do we need to sell this house, pay back the loan and then rent until we find a new house?

Sorry just can't find any strong answers that make sense, any other ideas?

The house has gone up in value but we would like to move to another area, or is that a bad move and we should stay longer?

Thank you for any insight!

Any of your ideas are feasible if you can afford them.

The interest on the equity loan is pretty low in year one so you have time to check out all your options.

Firstly you need to get your house valued (or make a good educated guess at it's value through your own research to use for now).

Before getting an official valuation for repayment you might need to use a valuer approved by help to buy and the valuation will only be valid for a certain amount if time so check out these things before paying someone.

If you borrowed 20% through help to buy then you will need to repay 20% of current value when you sell. By getting a valuation you can calculate what you would need to pay Help To Buy, then you would need to settle your current mortgage. What equity you have left along with any savings would be what you can put towards a new house and moving expenses.

You can then see a mortgage broker and let them know what deposit you have and look at what you can afford for your next house.

https://www.gov.uk/help-to-buy-equity-loan

Thank you that is so helpful!