These schemes were a lifesaver when getting onto the property ladder seemed impossible due to high deposits and tough lending conditions. With just a 5% deposit, you could buy a new home with a monthly payment that often worked out cheaper than renting. For many, it was a great way to get on the property ladder.

Now, fast forward a few years, and the property market has worked its magic. If your home has increased in value (which is likely), that’s great news for your equity! But there’s a little catch: The amount you owe on your Help to Buy loan is tied to the value of your home.

For example, if you bought your house for £250,000 and took out a 20% equity loan of £50,000, and now your property is worth £400,000, your loan would have increased to £80,000—an extra £30,000 you might not have planned for.

And there’s more to consider. Let’s say you bought your home at 35 years old and planned to retire at 70. Your original mortgage term would have been 35 years, but after five years, you’re now 40, with 30 years left before retirement. As you get older, your mortgage term shortens, which means less time to pay off any additional borrowing.

While we can’t predict what interest rates will do in the future, we do know that it can get trickier to manage additional debt as time goes on.