A Newspage broker has alerted us to the plight of a sizeable number of people whose remortgages in limbo due to the chaos at the new administrators of the help to buy scheme. Apparently, countless people are currently sitting on SVRs paying hundreds of pounds over the odds as it can take 7 hours to even get through on the phone. Have you got any experience of this or insights into this latest omnishambles?&nbsp;

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Help to Buy borrowers stranded on SVRs

In the process of helping several clients repay their help to buy equity loans, it is a bit of a shambles. Clients expect their remortgage to be a simple process, when one product ends the new product starts but we are finding that due to the help to buy team timescales, they are being stuck for several weeks, sometimes paying £300-£600 per month more. 

Jamie Alexander

Alexander Southwell Mortgages is a modern, independent mortgage brokerage built around one simple principle: good advice shouldn’t come with pressure, confusion, or unnecessary fees. We specialise in fee-free mortgage advice across the UK, helping first-time buyers, home movers, remortgages and more complex cases navigate one of the biggest financial decisions they’ll ever make, with clarity and confidence. We don’t believe in “one-size-fits-all” mortgages. Every recommendation starts with understanding the person behind the application. Your income, plans, concerns, and future goals matter just as much as interest rates. That’s why our advice is personal, considered, and always tailored, not rushed, scripted, or sales-led. Alongside expert, whole-of-market advice, we provide practical tools and straight-talking guidance to help you make informed decisions. From affordability checks and mortgage calculators to plain-English explanations of your options, we strip away the jargon and focus on what actually matters to you. What really sets us apart is how we work. We’re proactive, transparent, and easy to deal with. You’ll have direct access to experienced advisers.

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It's farcical - we have a client who will be paying an additional £500 interest next month sat on the lenders standard variable rate after being told they'll likely be waiting for another 5-6 weeks to simply be told that they can indeed complete on their like for like remortgage. The new scheme administrators Lenvi seem to have really dropped the ball at a time when this has a huge financial impact on normal peoples finances. 

Rhys Schofield

Rhys has worked in the financial services industry for the last 13 years, winning a number of accolades along the way. His final employed ‘job’ was overseeing 27 mortgage brokers where he won top Divisional Director for Just Mortgages in 2018. To top it all off – he made the final three for top Protection Broker at the 2020 British Mortgage Awards!

Keen to develop a fantastic customer journey to its full potential, he set up Peak Mortgages and Protection in 2019. He has taken all of the great elements picked up over the years to create an end to end process that clients feel at the heart of and that is what good advice should look like.

He has been nominated for a number of awards over the past two years and specialises in protection, as well as mortgages. 

Help to Buy borrowers stranded on SVRs

2 responses from the Newspage community
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Jamie Alexander

Mortgage Director at Alexander Southwell Mortgages

Rhys Schofield

Brand Director at Peak Mortgages and Protection

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2 responses from the Newspage community
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