Help to buy equity loans outstanding as at June 2022 were £23.1 billion.
Help to buy equity loans are interest only loans so the balance never reduces, so unless repaid borrowers will never 100% own their homes and from year 6 interest becomes payable which with yearly increases will start to add up.
As house prices have increased so has the amount someone owes on their Help to buy equity loan.
So what can borrowers do?
Ideally use savings to clear the debt, but if no savings are available you maybe able to remortgage and raise capital to clear the loan.
At CD Financial we are specialists in Help to buy equity loan remortgages, so if you need help get in touch with our friendly team today - firstname.lastname@example.org or 01952 455775
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR PROPERTY.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.