Will I have to pay anything back if I sell the house?

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Will I Have To Pay Anything Back If I Sell The House?

When you wish to sell your share of the property you will have to repay the mortgage first and foremost. The social lender position will depend on the agreement you set up , if the scheme was a new build homebuy, then you will have to see the original agreement regarding what was agreed on the sale of the property,it may be that the option agreed was to sell the property back to the original owner, or it could have been that you just sell the percentage you own, or in rare situations you agreed to sell the whole property and make good the value to the the social landlord. In most cases the option is that the original owner gets first call on the property, if they do not want to buy the property , you can sell your share. However the social landlord will want to vet the potential purchaser to ensurethat they fall within the covenants of the building. If you took out an open market homebuy , you will have to pay back the 25% or 17.5% loan you originally took from the social lender. If you had the social homebuy then the discounts recieved may have to be paid back if the property is sold within a certain time frame.

Home Buy Scheme Mortgages Frequently Asked Questions

What are the typesof HBS schemes?	I am a key worker, what is available ?
If I sell will I have to pay back the incentive?	Why get a Open Market HBS?
How do I find a mortgage for a HBS?	Why get a New Build HBS?
What properties can I buy ?	Will I have any upfront costs ?
Who owns the home, under the HBS?	Is there any priority list for the HBS?

Mortgage Help Desk UK Mortgage Products

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