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Help to Buy · Strategy & Uses

The Help to Buy 100.
Strategy & Uses

Focus: Smart usage, investment approaches, and case studies.

6+Questions
100%Expert Answers
FCARegulated
Are there upcoming changes to Help to Buy regulations that might affect me?
TL;DR The primary Help to Buy Equity Loan scheme closed to new applications in 2022. Learn what regulations affect existing homeowners and how to manage repayments.
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Would repaying the equity loan give me peace of mind?
TL;DR Repaying your equity loan can significantly reduce future financial stress, especially as property values rise. We explore the emotional, financial, and practical benefits of paying off your equity loan early in the UK.
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Am I comfortable taking on more debt to pay off the equity loan?
TL;DR Deciding whether to remortgage or take on more debt to clear your equity loan is a major financial decision. We explore the costs, risks, and benefits of borrowing against your property’s value.
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Can I afford the repayments on a new mortgage or loan to replace the equity loan?
TL;DR Worried about replacing your Help to Buy Equity Loan? We break down how lenders assess affordability for a new mortgage or loan, focusing on income, debt, and the crucial factors that determine if you can manage the increased repayments.
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Should I review the terms of my Help to Buy contract with a solicitor?
TL;DR Reviewing your Help to Buy equity loan contract is crucial before making major decisions like remortgaging or selling. Learn why specialist legal advice is essential for interpreting scheme terms and avoiding costly compliance errors.
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Are there any legal restrictions related to my Help to Buy agreement?
TL;DR Help to Buy equity loans involve significant legal restrictions. Learn about rules regarding ownership, subletting, selling, and required valuation processes.
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Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.

More than 50% of borrowers receive offers better than our representative examples

The %APR rate you will be offered is dependent on your personal circumstances.

Mortgages and Remortgages

Representative example

Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66

Secured / Second Charge Loans

Representative example

Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20

Unsecured Loans

Representative example

Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774
Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

Authorised and regulated by the Financial Conduct Authority – Number 681423
The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

Website www.promisemoney.co.uk