The government Help to Buy Scheme (Equity Loan) introduced back in 2013 was a way to help would be homeowners get on the property ladder and was aimed specifically at new build properties and typically amounted to a 5% deposit and only phased out in recent years.
The Scheme was popular and was particularly attractive because the first 5 years of the Equity loan was interest free, thereafter depending on the terms how much interest repayments are can be influenced either by the Consumer Price Index (CPI) or the Retail Price Index (RPI). Some people are already finding that the 5 year grace period having passed quite difficult to juggle additional interest payments with others rather understandably worrying about the current economic climate with not only higher Bank of England interest rates as well as soaring inflation, the need to repay this generous support from the government becomes an imperative.
Regrettably, even if you had the money it is not as easy to repay the money as you would have hoped. You can find more information about the government guidance by access here.
It is not always the first thought that a solicitor would be needed but having one would ease the stress of the process.
We have put together a list of requirements you should consider here: HTB Requirements to Redeem your Charge
Please contact our Residential Property on 0345 646 0406 or fill in our online enquiry form for more information and a member of our Team will be very happy to assist.