AFHOS owners

Selling up and/or moving home

When you sell your home, you will repay the Second Charge as a percentage of the value of the home. So if you initially purchased with a 75% mortgage and a 5% cash deposit and have made no repayments, you will own 80% of the property's value. You will need to repay the government 20% of the market value of the property at the time you sell their home, after you have repaid your conventional mortgage loan.

Swaythling housing will recover the government's contribution.

You are free to sell your property at any time and an independent surveyor will be used to determine its market value. The property must be sold at least for this value. However if it is sold for a higher price, the second charge will be calculated as a percentage of the sale price.

The Second Charge must be repaid when you sell the home, unless you have sought and secured agreement to 'port' the government's contribution to make your next purchase. You will bear the costs of selling, including the fee for porting.

If you are moving home, you may be in a position to buy a home of your own without any government assistance. However if not, and would like to take your equity loan with you, you can apply to us to do this. We will consider your circumstances at the time, and let you know if you are eligible to 'port' your loan to your new home, and the value of the loan that we can provide.

Fees payable:

Valuation
Estate agents and solicitors fees, Home Information Pack

In addition if you port your loan to a new property, a fee of £1,500 is payable.

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