Help to buy scheme

rkb1982

Hello, my husband is a first time buyer and I have a Btl mortgage. Neither of us own a residential mortgage as we both rent. I was wondering whether we would be eligible for the help to buy scheme on a property that we would both like to live in. My btl property has been on sale for over a year, it is on interest only as we can't afford afford to pay off capital because of the huge rent we pay. I bought it at a time when the market was good, but unfortunately it's more of a hindrance than a good investment. I'm hoping that once we get a residential mortgage, we can start to pay down the btl too as our mortgage is likely to be less than the rent we currently pay.

Any advice would be much appreciated!

amnblog

Not if you currently own any property

ethank

I applied for Help to Buy and it is a condition of my approval that my sale goes through at the same as my purchase. I can use the proceeds as my deposit.