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  • FIRST POST
    • xyz111
    • By xyz111 12th Oct 17, 10:25 AM
    • 50Posts
    • 2Thanks
    xyz111
    help to buy +new property for rent
    • #1
    • 12th Oct 17, 10:25 AM
    help to buy +new property for rent 12th Oct 17 at 10:25 AM
    Hi
    I own a property with help of buy to let. I am also trying to buy an other property that could rent out. I am working on few options i.e.
    1. pay off help -to -buy and get another loan for new property to rent.
    2. pay off help -to -buy and mortgage and get a new mortgage out for rent property.
    3. pay off mortgage and use rest money to buy property to rent.

    a bit jumble in my thoughts here if someone could help out.

    thanks.
Page 1
    • xyz111
    • By xyz111 15th Jan 18, 6:28 PM
    • 50 Posts
    • 2 Thanks
    xyz111
    • #2
    • 15th Jan 18, 6:28 PM
    • #2
    • 15th Jan 18, 6:28 PM
    no replies yet! please could someone reply...

    thanks..
    • HampshireH
    • By HampshireH 15th Jan 18, 8:28 PM
    • 426 Posts
    • 451 Thanks
    HampshireH
    • #3
    • 15th Jan 18, 8:28 PM
    • #3
    • 15th Jan 18, 8:28 PM
    Not quite sure what "help to buy to let" means

    If you mean you have taken advantage of the government help to buy scheme (which is how it reads) then you cannot let out your home.

    You also cannot buy another home without repaying the loan

    Check the t's and c's

    http://www.helptobuy.gov.uk/equity-loan/faq/

    If you are already subletting then you are in breach of the agreement

    Can I sublet my Help to Buy home?

    No. Help to Buy is designed to assist you to move on to or up the housing ladder. If you wish to sublet, you will first have to repay the Help to Buy: Equity Loan assistance. In exceptional circumstances sub-letting may be considered. For example, if you!!!8217;re a serving member of the Armed Forces staff whose tour of duty requires you to serve away from the area in which you live for a fixed period. In these circumstances you would also require approval from your mortgage lender.

    !Back to top


    Can I own other homes and buy a Help to Buy home?

    No. Help to Buy is designed to assist you to move on to or up the housing ladder and must be your only residence. This means you will be expected to sell your current home if moving up the ladder. The disposal of your current home will be verified by your solicitor/conveyancer before you can proceed to exchange contracts on your Help to Buy home.

    Back to top


    Can I own a Help to Buy home and buy a second home?

    No. If you can afford to purchase another home you will have to repay the Help to Buy: Equity Loan.

    The property purchased must be your only residence. Help to Buy is not available to assist buy-to-let investors or those who will own any property other than their Help to Buy property after completing their purchase.

    You cannot rent out your existing home and buy a second home through Help to Buy.

    Applicants who make fraudulent claims for Help to Buy assistance will be liable to criminal prosecution. Fraudulent claims will always require immediate repayment of the equity loan.
    If you mean something else please explain.
    Last edited by HampshireH; 15-01-2018 at 8:31 PM.
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