Mi new home (Scotland) and buying a BLT?

weejas

Hi

I know to be eligble to use the Mi New Home scheme in Scotland It can't be used to buy a 2nd home however does anyone know if I could take up this offer on a new house and should i come into some money in a year or two for example by getting promoted, can I then buy another home to use as a BLT without getting thrown off the scheme and having to pay back the original 20% + whatever the house has increased by?

kingstreet

You certainly can't do it on the English version, so I guess you would have to pay back the equity loan before you can purchase another property.

magpiecottage

You need a mortgage for a BLT?

I suggest you travel south of the border to buy your sarnies.

weejas

magpiecottage wrote: »

You need a mortgage for a BLT?

I suggest you travel south of the border to buy your sarnies.

lol yes I mean't to put a BTL as in buy to let. Where does it say I have to pay them back the 20% if say in year 3 I want to buy another property?

amnblog

magpiecottage wrote: »

I suggest you travel south of the border to buy your sarnies.

Only a matter of time before you can get a government sponsored interest free loan for your lunch.

shinyahashimoto1

I can't see why you wouldn't be able to do this? If you came into money and had enough deposit(30/40%) for a regular BTL product, I don't see how your original MI New Home deal would affect getting the BTL mortgage?

kingstreet

Sorry, I think we're getting confused here.

The OP has mentioned MiNewHome which is a 95% mortgage, the same as NewBuy, but then mentioned the equity loan, which is not a feature of MiNewHome, but is a feature of LIFT (second hand property) and HTB - Equity Loan (Scotland) which was launched this week.

We really need to know what exactly the OP is doing, as the thread is becoming confused.

Newbuild?

Sedond hand?

Equity loan, or no equity loan?

http://www.cml.org.uk/cml/consumers/minewhome