The UK government has supported more than £26bn of property transactions since April 2013 through the Help to Buy Equity Loan Scheme*. Most of these loans will be maturing in the next few years, giving you an opportunity to find a re-mortgage deal that suits your clients’ needs**.
At Barclays, we offer all our re-mortgage products range including the popular ‘Switch & Save’ and ‘Great Escape’ products to our intermediary partners looking to re-mortgage their Help to Buy Equity Loan clients. With a wide range of options available to Help to Buy Equity Loan clients including either maintaining their Equity Loan or buying out of the Help to Buy Equity Loan Scheme, Barclays ensures your client’s Help to Buy property is re-mortgaged with simplicity and ease.
We have made changes to our Help to Buy Equity Loan re-mortgage lending policy to make it easier for you and your client to do business with us:
- For clients looking to re-mortgage while maintaining the equity loan with no additional borrowing, we will accept applications up to a maximum of 75% of the current market value of the property.
- For clients looking to re-mortgage where additional borrowing is requested to repay all or part of the equity loan or for other purposes, we will accept applications up to a maximum of 80% of the current market value of the property, including the additional borrowing. Note that any additional borrowing can only be considered with Home Buy Agency permission, who may require the equity loan to be repaid.
To find out more about this re-mortgage opportunity with Barclays, including our step by step guide of how to key in Help to Buy Equity Loan re-mortgage applications on our platform (MAX); please refer to our Help to Buy Equity Loan Re-mortgage guide located in the Useful document section on the Intermediary website.
Please note this guide is also available by logging into the Intermediary Hub.
*Source: www.myfirsthome.org.uk
**Not applicable to London Help to Buy Scheme at this stage
