The mortgage guarantee scheme

deano3

Hi all, appreciate all details may not yet be available but does anyone know if, when this scheme starts in Jan 2014, it will be available to land lords?

Im an accidental landlord who wants to keep the property i rent out, and perhaps use this scheme to purchase a home to reside.

ACG

http://www.hm-treasury.gov.uk/10012.htm

Looks like being a landlord or existing home owner wont stop you be able to take advantage of the scheme.

deano3

Thanks for your response, i only say as i read an article in the Guardian which said Help to buy wasnt available to landlords, if that is correct was hoping the same does not apply to the other scheme. On the face of it it does read that it is available to anyone.

Thrugelmir

deano3 wrote: »

Im an accidental landlord who wants to keep the property i rent out, and perhaps use this scheme to purchase a home to reside.

If you've equity in your existing home then maybe you have the deposit.

kingstreet

deano3 wrote: »

Thanks for your response, i only say as i read an article in the Guardian which said Help to buy wasnt available to landlords, if that is correct was hoping the same does not apply to the other scheme. On the face of it it does read that it is available to anyone.

You should interpret that as meaning a landlord looking to buy a property to let. You would be looking for a property to reside in. That's the difference.

Wallhart

kingstreet wrote: »

You should interpret that as meaning a landlord looking to buy a property to let. You would be looking for a property to reside in. That's the difference.

Correct, otherwise it just becomes a big scam for roperty developers.

deano3

Very good, much appreciated.

the_salmon

deano3 wrote: »

Hi all, appreciate all details may not yet be available but does anyone know if, when this scheme starts in Jan 2014, it will be available to land lords?

Im an accidental landlord who wants to keep the property i rent out, and perhaps use this scheme to purchase a home to reside.

This is the exact same situation for me, I am currently working through every possible combination to try and get a deposit for a 2nd home that I will reside in. My 1st home is rented out in an area where I used to live and its not practical or cost effective to sell and from a personal point of view if I can achieve a house for me to live in and a 2nd property then I will be happy.

The property I would wish to buy would be exclusively for me to live in, not a BTL. I truly hope that this turns out to be true as I will be lucky to have a 5-10% deposit this time next year (though I will be starting to get close), if this is a help then great

brit1234

I really hope there is a clause that stops landlords taking part in this. If they do it will stink and more of our tax payers money will be wasted supporting landlords whilst us savers are penalized and priced out of the market by the landlords.

If you want to take part in this deal there should be a condition you sell your rented properties.

ACG

There is a lot of debate going on about people using it for a second property at the minute. It may end up getting changed.

Southend1

The number of "accidental landlords" on here really shocks me. These people are setting themselves up for a massive fall if they think doubling their exposure to the property market is the way to overcome losses on their "investment".