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Help to buy question
weejas
Posts: 20 Forumite
Current position is a flat in joint names which would take forever to sell. Is it possible to remove myself from the deeds and mortgage of my existing house and then buy another house using the help to buy scheme in my own name? The plan would then be to convert the flat to a buy to let. Both of us work and could financially get a mortgage on either property our own.
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Comments
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Leaves a bit of a fraudulent after taste in my mouth, but hey, it's your life, not mine...0
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Sounds very complicated.
If the transfer of equity occurs during the existing residential mortgage, the existing lender will have to agree to remove you from the mortgage and that your OH passed their affordability tests alone. Assuming you continued to live there, that might cause problems with the lender.
A subsequent CTL application / remortgage to a BTL would then be done by your OH. The lender for a BTL is likely to require max 75% LTV and rental income of 125% of the payments at interest only at 6%, if I recall others' posts on here. And the lease of the flat would have to allow it to be let out.
Might be worth investigating these aspects first.0 -
This does seem an abuse of the system in my eyes. I know that it takes five days to get an ATP from the Help to Buy Agent, so they may do some checking of things like this.0
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There's no indication it's HTB - EL, it might be HTB - MG and the process is not the same. There's no PIF submission to the HCA HomeBuy Agent.This does seem an abuse of the system in my eyes. I know that it takes five days to get an ATP from the Help to Buy Agent, so they may do some checking of things like this.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.0 -
I don't know how this thread fits with this one;-
https://forums.moneysavingexpert.com/discussion/4781271I 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.0
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