Guidance

Help to Buy: Equity Loan repayment application checklist - accessible version

Published 4 April 2024

Applies to England

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This publication is available at https://www.gov.uk/government/publications/help-to-buy-equity-loan-repayment-checklist/help-to-buy-equity-loan-repayment-application-checklist-accessible-version

Your repayment application checklist

When you apply to repay in part or in full, you’ll need a conveyancer to help you with the legal undertaking. This is a legal agreement formalised in paperwork. You can find one on the Law Society website or the Council of Licensed Conveyancers’ website.

Before you apply to repay, you must tell us about anything that might affect the value of your home, such as external cladding, as you may need a specialist valuation of your property.

To apply to repay (redeem), you’ll need to send us your:

  1. Application form including conveyancer details, the percentage you’ll repay and how you’ll fund it. Download the form from www.gov.uk/manage-equity-loan
  2. Market valuation by a Royal Institution of Chartered Surveyors (RICS) certified valuer (valid for 3 months). Find a RICS surveyor
  3. Administration fee. Check how much you need to pay, and how to pay, on www.gov.uk/manage-equity-loan

You’ll also need to send us proof of how you’ll fund your repayment.

This can be:

  • a recent bank statement - if you’re repaying with savings
  • a memorandum of sale - if you’re selling your home
  • a new mortgage offer - if you’re remortgaging

When your application form is complete, send this and all supporting documents (we can’t progress your application without these) by:

Email: [email protected]

Post: Help to Buy Customer Service team, PO Box 5262, Lancing, BN99 9HE

Next steps:

When you’ve sent us everything, we’ll review your application and contact you if we need more information. Unless you’re calling to pay your application fee, there’s no need to contact us.

Once you’ve sent us all of the information we need and we have no further questions, we’ll aim to send your redemption letter to you and your conveyancer within 4 weeks.

This letter confirms:

  • that you can progress to the next stage of repaying
  • the percentage of your home’s purchase price you borrowed
  • an estimate of how much you need to repay, including any interest, fees and arrears (missed payments).

Your conveyancer helps with the rest of your repayment:

  1. Your conveyancer sends us a letter of undertaking, telling us your completion date, home’s value and agreement to pay us the correct amount.
  2. We’ll send your conveyancer an Authority to Complete (ATC) confirming your payment date and amount.
  3. Your conveyancer arranges the repayment and sends us a completion statement.
  4. Your conveyancer sends us a DS1 form to send to HM Land Registry, to remove our charge on your home.

For full information on repaying your equity loan, read our manage guides on www.gov.uk/manage-equity-loan.

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