Support of the Government to assist home buyers by providing Help to Buy equity loans to assist in allowing more people to purchase properties, means more of us have equity loans on our properties in addition to a first mortgage. Help to Buy equity loans are registered at the Land Registry as second mortgages against our properties. These loans are interest free for the first five years, which means most buyers look to have them paid off just before this time.
Repaying these equity loans can be done through various methods and homeowners will need the support of a solicitor to take them through the process and deal with Target, the Government’s designated administrators for this scheme. Target’s process varies depending on whether the property is being sold, re-mortgaged or the loan being paid off from the owners own resources. At MSB, our expert team has experience in dealing with Target and understands the procedures that need to be followed to deal with each of aspect of repayment. We will work closely with you so that you can rest assured we will act on your behalf to ensure the process is dealt with correctly and effectively.
Every transaction is different, and the timescale can depend on a number of factors, such as the time taken to obtain mortgage offers, conveyancing searches, and if the lender has any special conditions in the mortgage offer which need to be dealt with. For this reason, we work with our clients on a case-by-case basis, taking the pressure off them to complete the transaction quickly and effectively.