Repaying your Equity Loan
If you currently own a property and purchased that property with the aid of an equity loan through Keyhomes East and wish to redeem / repay that loan (the Second Charge against the property) then please follow the steps below:
Before you can consider repaying the equity loan you will need to let the Association know your intentions:
- 1. The property will need to be valued by an independent Chartered Surveyor, the cost of this will be met by you. BPHA can arrange this for you at a cost.
- 2. Once the surveyor has given us a market value, that is the figure used to calculate the amount repayable by you in order to discharge the Second Charge
- 3. Once these points have been dealt with you need to appoint a Solicitor to act on your behalf and to inform them of our interest
- 4. There is administration and preparation work that needs to be carried out by bpha in order to discharge the second charge so there will be cost incurred with this process.
If you have any queries please contact us on 0845 456 6757 option 2 or email firstname.lastname@example.org