Getting out of HELP TO BUY | the process of selling with Help to buy 

oh my word, it's just extortionate isn't it? HTB is good if you go in knowing you're getting mugged off! Otherwise it can come as quite a shock - hope the rest went smoothly for you.

Hey! thanks so much for your comment. Just want to state I am not an expert in this area and my comment shouldn't be taken as advice but just an opinion. I feel your pain I really do, our mortgage has increased soo much from £750 to £1800 as we were put on a tracker mortgage so I totally understand. We also came off a 1.9% rate and onto a 6.something ridiculous. BUT seeing as you're not renewing until June NEXT year I wouldn't sell if I was you - unless you've got somewhere to live rent free whatever you buy next is going to be just as expensive even if you downsize. & the rental market has sky rocketed to beyond unaffordable. By June next year the rates should have come down quite considerably and this is being shown hopeful in the way fixed rate interest rates are also coming down. There are some as low as 3.9% on the market. The interest help to buy charge you after the 5 year is inline with the bank of England base rate so if possible I would try and remortgage help to buy out of it and hope that when you come to look at your mortgage next year it'll be more affordable. Selling a house isn't cheap, estate agent fees, moving costs, you're looking at like up to 10k so staying put and remortgaging out of help to buy would be what I'd be doing if I was at max capacity. Unless you're able to downsize to something considerably cheaper but then you still have to pay HTB back their 20% of the sale price and legal, estate, moving fees. Hope that helps at all, but if you do want to sell, then you need to first list your house online and sell it via an estate agents and the rest will follow. They usually advise a solicitor to use and then you have to instruct HTB that you're selling and get a RICS valuation which they will have the contacts for. Good luck and let me know what you decide to do!

@@MegC Thank you for the reply Meg, if our house was to sell @ 210000 we would be left with 168000 once we have paid the equity loan off and we would owe 110000 on our fixed rate morgage but obviously that would change when we remorgage. So our plan might be to use that 58k to put down as a new house deposit. We reckon in our area we can get something we need what doesnt need that much doing to it between 170 185 we would go to 190 but it would just mean borrowing a bit more on the new morgage . I'm not really sure how much equity we will have in our current house but come the 5 years of morgage payments we will have paid it will be 33k.

In my head it seems like that would be a cheaper alternative , I've not part paid HTB of or anything like that so yer I would owe the full 20% sold value , so id be like remorgaging on a house thats worth £210,000 :/

@@baldywildcamper the other benefit of remortgaging out instead of selling is, when we were going to remortgage out - the RICS valuer said our house was worth 235k (paid 225k) so we only needed to remortgage 20% of 235k but we actually sold it a few months later at 260k and we had to then pay back 20% of that amount instead. whereas if we'd just remortgaged we wouldn't have owed them so much. This happens because RICS tend to value houses a lot lower than estate agents. - so perhaps instructing a RICS valuation could be a good idea to see how much they value it at, as they may not see it as 210, therefore costing you less. worth a try we did have to pay for this and it did run out and we had to get it renewed because we took so long ( because we then decided to sell )