Hello,
I have an existing offset mortgage with First Direct and am moving to a new build next month. The mortgage I hold is portable and at a very good rate but requires 25 % deposit. However, unfortunately much of my equity has been wiped out due to the decrease in house prices. I now only have around 15 % deposit for my new home which limits myself on affordable mortgages.
Q. Can I port existing (offset) mortgage and access the governments Help to buy equity loan? Or is this equity loan only available when taking out certain mortgages.
If I can port my mortgage, I'd be able to clear the equity loan in 5 years, at the same monthly payments whilst also reducing the amount owed on my mortgage. Could be worth up to £40K in saving.
I have an existing offset mortgage with First Direct and am moving to a new build next month. The mortgage I hold is portable and at a very good rate but requires 25 % deposit. However, unfortunately much of my equity has been wiped out due to the decrease in house prices. I now only have around 15 % deposit for my new home which limits myself on affordable mortgages.
Q. Can I port existing (offset) mortgage and access the governments Help to buy equity loan? Or is this equity loan only available when taking out certain mortgages.
If I can port my mortgage, I'd be able to clear the equity loan in 5 years, at the same monthly payments whilst also reducing the amount owed on my mortgage. Could be worth up to £40K in saving.