Hi Adam- you mentioned a solicitor being involved to pay various parties. Do we have to instruct and hire a solicitor ourselves to sort HTB repayment etcor is this done through the lenders legal team? Many thanks
Hi, the lender's solicitor will be able to handle it for you but will just have a small fee, I usually say to allow £350 or so for that. When we do the whole process for you we will use a solicitor that will do both, I tend to avoid lenders solicitor where possible!
@@mortgageadvice.vantage thanks for replying. Yes, I wondered based on your videos how to get a lower side valuation for the htb element, and then would a lower valuation for the btl be good too? Not really sure how it works, just that I have to rent out my property and don’t want to screw the process up!
Thanks for the video Adam :) Quick question, we have an 80% mortgage at 2.2% fixed until mid 2027 (which we want to keep) We want to pay off the HTB 20% asap so would it be best to just borrow the additional 20% from our existing borrower based from the value of the surveyors valuation? Then presumably the bank pay you over the money and the solicitor ties up the loose ends and pays the money HTB?
Hi, yes that could well be an option for you. not all lenders are that easy to borrow the extra from though so just go through that process before you commit to the HTB valuation cost maybe just in case. that is a good rate so it would not be so appealing to come away from that!
In your experience, how long does it take to remortgage after the RICS valuations done and the mortgage offer obtained ? I hear stories that it can take many months , which is a problem if your mortgage rate falls onto SVR during the meantime
Thanks Adam, this was super helpful! We are remortgaging in 6 months and I believe the RICS valuation lasts for 3 months but according to the H2B site it can be extended by 3 months using a “desktop valuation” would this allow us to proceed to get a valuation now in preparation for remortgaging in October? Thanks
Hi, no I wouldn't to be honest, it's just extra cost you don't really need. What I usually do is submit the mortgage application now based on what we think, then this can always be amended once the HTB valuation is done, just apply to the lender based on the maximum you think it would be. Obviously happy to help you with it all, just book a free call here if you would like: calendly.com/adam-vantage/new-appointment-youtube
This was very helpful thank you! I’ve been searching for surveyors and they charge around £400. Is it true you can only pay back HTB in 10% lump sums? I’m at 2 years and was thinking of trying to pay off half htb (10%) but I think it’s better to wait the full 5 years to save up as much as possible, do you agree? The property value may also drop at some point.
Hi, yes £400 is probably higher end but around what I would expect. You are right with the 10% chunks, that's 10% of the property value at a time so you need a valuation each time. In terms of whether to now or not it really depends what the future holds! If property prices don't go up it wont matter but if they do then you will wish you had already!
Adam, is it true that HTB can challenge a valuation? I feel that I may end up in this situation as I borrowed 20% of £240k which was £48,000 out of London but the property is not worth that now due to factors out of our control, and likely to be around £215-220k. So from what I know, the RICS surveyor will come out and do this survey and provide a quote. Will HTB challenge it if its lower than the original £48k borrowed. We will be selling our property, not remortgaging. Thanks!
Hi there, that's an interesting one! I haven't heard of that happening to be honest, I have had a few cases where the value is now lower and it has been fine, it can't be helped! If you are selling it is very unlikely the valuation will be different to your sale price but don't get the valuation until you are sold and proceeding as it still only lasts 3 months!
@@mortgageadvice.vantage that’s really helpful. And yes I won’t be doing the valuation until the property is SSTC. Sadly we own a property in a new build building and the some of the other properties were sold to a shared ownership/right to buy organisation and they were sold at a cheaper price. Meaning there is some devaluation we have had to wait to balance out.
Helllo, so when I want to pay off my HTB share, do I have to go through the process of showing my savings for 6 months, my job offer etc? Or can I get the HTB share wrapped up in my remortgage offer from the same lender? My mortgage is renewing in 6 months and wanted it to swallow the HTB share, thought it's easy if I stick with the same lender?
Hi, You would maybe think that wouldnt you but it is often easier to just do it all in one process with a new lender! Then we get your income proof and everything all ready as we would anyway and do one application. Staying with the same lender and borrowing more can be a bit of a pain so if your rate is ending anyway it makes sense to swap! We can find the best new lender for you and take care of the swap over.
Hi! I was offered a loan and would be able to pay Help to buy in my year 2. our house price went up by 10k in 18months. Am I allowed to pay help to buy with another loan? The lender is aware i am loaning to repay “other lender”. I dont want to remortgage at the moment.
Hi, I don't see why not but you may struggle to get a personal loan for enough? You could maybe borrow more from your existing lender if you have enough equity but that is sometimes tricky too. The best way is by remortgaging to a new lender but that isn't always the best thing for you if you are tied in at the moment!
@@mortgageadvice.vantage Hi! Thank you for your response! We are planning to pay early next year. Personal loan would just be about 10k, the rest would be covered by our savings. They gave us 7% APR. I think it wouldnt be too bad is it?
Hi Adam- you mentioned a solicitor being involved to pay various parties. Do we have to instruct and hire a solicitor ourselves to sort HTB repayment etcor is this done through the lenders legal team?
Many thanks
Hi, the lender's solicitor will be able to handle it for you but will just have a small fee, I usually say to allow £350 or so for that. When we do the whole process for you we will use a solicitor that will do both, I tend to avoid lenders solicitor where possible!
Can you do HTB to BTL conversion please
Yes I will put it on the list! Feel free to get in touch in the mean time for any questions!
@@mortgageadvice.vantage thanks for replying. Yes, I wondered based on your videos how to get a lower side valuation for the htb element, and then would a lower valuation for the btl be good too? Not really sure how it works, just that I have to rent out my property and don’t want to screw the process up!
Thanks for the video Adam :)
Quick question, we have an 80% mortgage at 2.2% fixed until mid 2027 (which we want to keep)
We want to pay off the HTB 20% asap so would it be best to just borrow the additional 20% from our existing borrower based from the value of the surveyors valuation?
Then presumably the bank pay you over the money and the solicitor ties up the loose ends and pays the money HTB?
Hi, yes that could well be an option for you. not all lenders are that easy to borrow the extra from though so just go through that process before you commit to the HTB valuation cost maybe just in case. that is a good rate so it would not be so appealing to come away from that!
In your experience, how long does it take to remortgage after the RICS valuations done and the mortgage offer obtained ? I hear stories that it can take many months , which is a problem if your mortgage rate falls onto SVR during the meantime
It shouldn't take long really, there isn't much to do after that! Your valuation only last 3 months anyway so it needs to be within that time
Thanks Adam, this was super helpful! We are remortgaging in 6 months and I believe the RICS valuation lasts for 3 months but according to the H2B site it can be extended by 3 months using a “desktop valuation” would this allow us to proceed to get a valuation now in preparation for remortgaging in October? Thanks
Hi, no I wouldn't to be honest, it's just extra cost you don't really need. What I usually do is submit the mortgage application now based on what we think, then this can always be amended once the HTB valuation is done, just apply to the lender based on the maximum you think it would be. Obviously happy to help you with it all, just book a free call here if you would like: calendly.com/adam-vantage/new-appointment-youtube
This was very helpful thank you! I’ve been searching for surveyors and they charge around £400. Is it true you can only pay back HTB in 10% lump sums? I’m at 2 years and was thinking of trying to pay off half htb (10%) but I think it’s better to wait the full 5 years to save up as much as possible, do you agree? The property value may also drop at some point.
Hi, yes £400 is probably higher end but around what I would expect. You are right with the 10% chunks, that's 10% of the property value at a time so you need a valuation each time. In terms of whether to now or not it really depends what the future holds! If property prices don't go up it wont matter but if they do then you will wish you had already!
Adam, is it true that HTB can challenge a valuation? I feel that I may end up in this situation as I borrowed 20% of £240k which was £48,000 out of London but the property is not worth that now due to factors out of our control, and likely to be around £215-220k. So from what I know, the RICS surveyor will come out and do this survey and provide a quote. Will HTB challenge it if its lower than the original £48k borrowed. We will be selling our property, not remortgaging. Thanks!
Hi there, that's an interesting one! I haven't heard of that happening to be honest, I have had a few cases where the value is now lower and it has been fine, it can't be helped! If you are selling it is very unlikely the valuation will be different to your sale price but don't get the valuation until you are sold and proceeding as it still only lasts 3 months!
@@mortgageadvice.vantage that’s really helpful. And yes I won’t be doing the valuation until the property is SSTC. Sadly we own a property in a new build building and the some of the other properties were sold to a shared ownership/right to buy organisation and they were sold at a cheaper price. Meaning there is some devaluation we have had to wait to balance out.
Helllo, so when I want to pay off my HTB share, do I have to go through the process of showing my savings for 6 months, my job offer etc? Or can I get the HTB share wrapped up in my remortgage offer from the same lender? My mortgage is renewing in 6 months and wanted it to swallow the HTB share, thought it's easy if I stick with the same lender?
Hi, You would maybe think that wouldnt you but it is often easier to just do it all in one process with a new lender! Then we get your income proof and everything all ready as we would anyway and do one application. Staying with the same lender and borrowing more can be a bit of a pain so if your rate is ending anyway it makes sense to swap! We can find the best new lender for you and take care of the swap over.
Hi! I was offered a loan and would be able to pay Help to buy in my year 2. our house price went up by 10k in 18months. Am I allowed to pay help to buy with another loan? The lender is aware i am loaning to repay “other lender”. I dont want to remortgage at the moment.
Hi, I don't see why not but you may struggle to get a personal loan for enough? You could maybe borrow more from your existing lender if you have enough equity but that is sometimes tricky too. The best way is by remortgaging to a new lender but that isn't always the best thing for you if you are tied in at the moment!
@@mortgageadvice.vantage Hi! Thank you for your response! We are planning to pay early next year. Personal loan would just be about 10k, the rest would be covered by our savings. They gave us 7% APR. I think it wouldnt be too bad is it?
Sounds good to me!
@@mortgageadvice.vantageNiiice!! Thanks for your insight!!