Help to Buy remortgage market set to grow

People who have bought their homes through the government's Help to Buy scheme could look to remortgage in order to reduce their payments next year,

People who have bought their homes through the government’s Help to Buy scheme could look to remortgage in order to reduce their payments next year, according to Leeds Building Society.

The Help to Buy: Equity Loan scheme reaches its fifth anniversary in 2018, and borrowers facing additional interest payments on the government’s 20 per cent loan could be looking to pay off some of the debt.

Jaedon Green, director of product and distribution at Leeds, said borrowers could buy out the government share in full or in part, via a process known as staircasing.

After the Bank of England’s decision to raise the base rate of interest on 2 November, borrowers face making higher repayments on their debt.

But Mr Green pointed out that many of them will have experienced growth in their salaries and in the equity in their homes during the past five years, meaning they may want to review their arrangements.

He said: “We were the first lender to offer specific Help to Buy remortgage deals and we will continue to provide the necessary products with which intermediaries can guide Help to Buy customers through the maze of options, to help homeowners take stock and decide on the remortgage choice which best suits their individual needs.”

Mr Green also forecast a wave of remortgaging from landlords under pressure from changes to buy-to-let underwriting rules and the phasing out of tax relief on mortgage interest.

He said: “This presents an opportunity for lenders to understand the needs and motivations of our private landlords.

“They will need to refinance existing properties, probably seeking the security of longer-term fixed rates given the prospect of further base rate increases, but are reliant on a handful of lenders providing early repayment charge-free deals, so they can reassess their business model and potentially dispose of individual properties in their own time.”

simon.allin@ft.com

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