Help to Buy Mortgage in Faversham

Most Faversham owners do not clear the equity loan by saving up and writing a cheque. They remortgage onto a larger loan that pays off the original mortgage and the Help to Buy redemption together. On the average sold price of £382,000, a 20% equity loan starts at £76,400 before price movement. With the market down 2.0% over 12 months, that same share would be about £74,872 if the current valuation landed at the local average.

That is where the numbers matter. If your current mortgage balance is £235,000 and the redemption sum is £74,872, the new loan comes out at £309,872 before fees. On an average Faversham home, that is about 81.1% LTV, so the broker has to check the rate band, the fee load and any early repayment charge on the old mortgage before the case moves forward.

Our whole-of-market brokers check whether the figures stack up once the equity loan is added to the mortgage balance. That includes any product fee, valuation cost, legal fees and, if you are mid-fix, your existing lender's early repayment charge. The point is not to chase a remortgage for the sake of it, it is to clear the Target HCA charge and keep the monthly cost under control in your ME13 postcode.

• Current mortgage balance
• Equity loan redemption
• Product fee
• ERC check

home.co.uk's current asking-price snapshot of £383,090 is close to the sold-price average, which gives a useful starting point for a redemption quote. If your Help to Buy share is 20%, the repayment is about £76,618 at that asking level, though the lender will use the Red Book valuation rather than the figure on a sales board. That difference matters, because even a small shift in value can change the mortgage size and the rate band you end up in.

Property type matters here. Terraced homes make up 35.1% of the local stock, semi-detached 32.8%, detached 18.2% and flats or maisonettes 13.9%, so a lot of Faversham owners are dealing with older brickwork and traditional layouts. Around the conservation area, red brick, plain tile roofs, Kentish ragstone and timber framing with render can all show up in the same street, and London Clay brings shrink-swell movement that a valuer will notice quickly.

Flooding and condition also shape the mortgage route. Faversham Creek can raise tidal and fluvial questions, while surface water can matter after heavy rain on the flatter parts of town. That is why our advisers look at the property, the loan, and the local risk profile together, especially if you work at Shepherd Neame Brewery, Swale Borough Council or another local employer and want to stay in the same house rather than move.

• London Clay shrink-swell risk
• Faversham Creek flood exposure
• Conservation-area titles
• Older brick and timber stock