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A few questions about the new Help To Buy scheme

mattsaw
mattsaw Posts: 5 Forumite
in House buying, renting & selling
I have a few questions about the new government help to buy scheme and if I would qualify for it.

Currently I live together with my wife in a house that only she is named on the deeds for.

If I were to buy a second property in only my name would I qualify for the help to buy scheme?

If so, is it possible to buy with a BTL mortgage?

Thanks in advance :)
«1

Comments

  • Turnbull2000
    Turnbull2000 Posts: 1,807 Forumite
    I've a colleague who's seeking to do this, but it'll be a wee while before I know the outcome. Does seem a decent bet to obtain an investment property using a residential mortgage (which thousands of accidental landlords have anyway) and a government subsidy. Though there could be some complications when it comes to insurance and bad tenants. Still, nothing ventured nothing gained.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • brit1234
    brit1234 Posts: 5,385 Forumite
    mattsaw wrote: »
    If I were to buy a second property in only my name would I qualify for the help to buy scheme?

    If so, is it possible to buy with a BTL mortgage?

    No, you are not eligible if you already have one property and it can't be for buy to let.

    No doubt there will be those who try to use it fraudulently, I hope they are caught.
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
  • harrys_dad
    harrys_dad Posts: 1,997 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    BTL is specifically excluded from Helpto Buy.
  • mattsaw
    mattsaw Posts: 5 Forumite
    brit1234 wrote: »
    No, you are not eligible if you already have one property and it can't be for buy to let.

    No doubt there will be those who try to use it fraudulently, I hope they are caught.

    I don't have any properties. I clarified that in the OP
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    mattsaw wrote: »
    I don't have any properties. I clarified that in the OP

    As I understand it, you have to declare that you have no beneficiary interest in another property. And that the property has to be your primary place of residence after purchase.

    It is not yet clear as to whether that will also exclude you if your spouse does. Or if it would then be possible to rent out your spouses house and live in your new one.

    Wait until the programme goes live and then ask to see the documents?
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • mattsaw
    mattsaw Posts: 5 Forumite
    HAMISH_MCTAVISH wrote: »

    Wait until the programme goes live and then ask to see the documents?

    Great thanks.
    They'll be available from next week?
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    mattsaw wrote: »
    Great thanks.
    They'll be available from next week?

    Probably, at participating lenders.

    But I'd wait until it starts and look online first at the details.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • kingstreet
    kingstreet Posts: 39,338 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You won't get a BTL mortgage on HTB - MG.

    If you get a HTB - MG product, the lender will never give you consent to let and can take steps if you let without permission, such as "calling in" the loan, and charging a penal rate of interest.
    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.
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    kingstreet wrote: »
    You won't get a BTL mortgage on HTB - MG.

    If you get a HTB - MG product, the lender will never give you consent to let and can take steps if you let without permission, such as "calling in" the loan, and charging a penal rate of interest.

    Absolutely correct.

    However doesn't clarify whether someone that does not hold a beneficial interest in a property that is married to someone who does, could buy with HTB and then allow their spouse to rent out the old house and move in with them.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • ILW
    ILW Posts: 18,333 Forumite
    Are we certain consent to let will not be given on HTB mortgages?
    Is it likely to be enforced?

    Odd that you can let out a RTB place if that is the case.
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