Lots of people whom took down assist to purchase equity loans getting regarding the home ladder if they launched in April 2013 could face a shock that is financial 12 months – whenever interest kicks in on the financial obligation.
That is for more than five years because you start racking up interest on the equity loan debt once you’ve had it. In this guide we explain the way the scheme – available on new-builds in England and Wales – works, the way the interest in the equity loan would be added and exactly what your choices are if you should be those types of whose interest-free period is quickly visiting a conclusion.
The help that is current purchase equity loan scheme is closing in March 2021. It’ll be replaced by a scheme that is new that will run from April 2021 until March 2023 – nevertheless, it’s going to simply be ready to accept first-time purchasers and possess regional home cost caps.
In this guide
- Options if you have a Help to purchase equity loan
- 1. Remortgage
- 2. Stay put and pay the loan or interest
- 3. Sell and go elsewhere
- Let’s say I can not pay the interest repayments?
- Whenever do we repay the mortgage?
So how exactly does the Help to purchase equity loan scheme work?
The assistance to purchase equity loan scheme was launched on 1 April 2013 in a bid to aid struggling first-time purchasers or individuals finding it tough to move up the rungs of this home ladder. Continue reading “Assist to purchase Equity Loans: What they truly are & simple tips to spend them off”