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  • FIRST POST
    • kirstcw
    • By kirstcw 10th Jul 17, 3:48 PM
    • 3Posts
    • 0Thanks
    kirstcw
    Not allowed on the Help to Buy Scheme but moving in with a First time Buyer
    • #1
    • 10th Jul 17, 3:48 PM
    Not allowed on the Help to Buy Scheme but moving in with a First time Buyer 10th Jul 17 at 3:48 PM
    Hi Money Saving Experts,

    I'll get right into my question because .... well I need guidance and advice.

    Back story
    A few years ago my dad ( lucky for me or spoilt as you may say) purchased a flat for myself to move into. I was put on the mortgage aswell as my dad.
    I paid half the mortgage monthly repayments aswell as all the bills that came out but was struggling as i was only on a small wage at the time being just an administrator.

    I ended up moving back home as i could no longer afford to live their even with my dads help so we decided to get the mortgage changed to a let it out ( was already on a buy to let mortgage as this is what my dad was doing with myself).

    Present

    Now, me and my partner of 4 years are looking to buy our frst home together and have just put our name down on a plot that we would like (The galway, Gleeson homes). We have been given a mortgage advisor to speak with and are wanting to go with the Help to Buy scheme Gleeson homes offer.

    My partner will have to take this out in his name as I cannot go onto a Help to Buy schee as my name is attatched to a motgage.

    Questions

    1. If I come off the mortgage im on with my dad, will I then be able to have my name on the Help to Buy scheme?

    2. Although we have a decent deposit my dad and nan have given us money to put towards our deposit. However if my name cannot be on the mortgage, how is best to have this 'gifted' to us. We want to cover our own back as you never know what may happen in the future.

    Would the deposit payment be best to come from my dad straight to my partner or from him to myself then to my partner?


    3. What would be the best option to get a contract between myself and partner written up. We both want to be protected for what we've put into this in the unlikley event of splitting up. Would you contact a solicitor seperate or speak to the one we will use thoughtout the process?
    Or would you just write up an agreement between ourselves and have witnesses sign therefore saving on solicitor fees?

    I hope this makes sense & I apologise if it doesn't.
    Also apologise for any spelling mistakes... in a rush!
Page 1
    • marliepanda
    • By marliepanda 10th Jul 17, 4:00 PM
    • 4,643 Posts
    • 9,301 Thanks
    marliepanda
    • #2
    • 10th Jul 17, 4:00 PM
    • #2
    • 10th Jul 17, 4:00 PM
    Help to buy isn't just for first time buyers...
    Survey Earnings 2017 - £163
    • kirstcw
    • By kirstcw 10th Jul 17, 4:02 PM
    • 3 Posts
    • 0 Thanks
    kirstcw
    • #3
    • 10th Jul 17, 4:02 PM
    • #3
    • 10th Jul 17, 4:02 PM
    I think the gleeson Scheme that we'd be going down is more like the Starter Homes scheme but they call theirs Help to Buy...
    • DumbMuscle
    • By DumbMuscle 10th Jul 17, 4:10 PM
    • 196 Posts
    • 290 Thanks
    DumbMuscle
    • #4
    • 10th Jul 17, 4:10 PM
    • #4
    • 10th Jul 17, 4:10 PM
    I think the gleeson Scheme that we'd be going down is more like the Starter Homes scheme but they call theirs Help to Buy...
    Originally posted by kirstcw
    Do you have a link to the terms of the scheme? We can't give any advice without knowing what the rules are!

    Question 1 is best asked to the people running the scheme

    I'll leave others to answer question 2, as I'm not sure.

    For question 3 - the solicitor is not there to make the contract "official", they're there to make sure it covers everything it needs to cover.
    • kirstcw
    • By kirstcw 10th Jul 17, 4:16 PM
    • 3 Posts
    • 0 Thanks
    kirstcw
    • #5
    • 10th Jul 17, 4:16 PM
    • #5
    • 10th Jul 17, 4:16 PM
    If you go to gleesns homes then ways tto help you buy...

    We've looked at the top one 'Help to Buy'.
    • Pixie5740
    • By Pixie5740 10th Jul 17, 5:14 PM
    • 10,816 Posts
    • 14,943 Thanks
    Pixie5740
    • #6
    • 10th Jul 17, 5:14 PM
    • #6
    • 10th Jul 17, 5:14 PM
    How on Earth did you manage to have a joint BTL mortgage with your father whilst you lived in the property? That sounds very odd.

    Which top one? When I go to Gleeson Homes Ways to Help you Buy I see two options side by side. One for FTB and one for NTB.

    https://www.gleeson-homes.co.uk/ways-to-help-you-buy/

    You are currently the joint owner of a property with your father. That means you are ineligible for the government's Help to Buy Equity Loan Scheme.

    As for the deposit coming from your family but only your partner's name on the mortgage with you living in the property as well is going to be an issue for many lenders. Have you and your partner discussed your options with an independent mortgage broker?
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • kingstreet
    • By kingstreet 10th Jul 17, 6:19 PM
    • 31,913 Posts
    • 17,057 Thanks
    kingstreet
    • #7
    • 10th Jul 17, 6:19 PM
    • #7
    • 10th Jul 17, 6:19 PM
    If you will be removed from the ownership of the current property before completion of the HTB purchase, you can be party to the purchase and mortgage.

    If you don't do the above, as an occupier, you have to confirm to the HTB Agent you are not party to the ownership nor mortgage because you own another property elsewhere and the application will then be declined.

    No-one who lives in a HTB property is permitted to own another property at the point of submission.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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