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Help 2 Buy MG - Existing Home Owners
shinyahashimoto1
Posts: 20 Forumite
Hey,
Some confusion on Help To Buy 2 for existing home owners
Help To Buy 1 - Equity Loan - you cannot own any other property. OK understood.
Help to Buy 2 - Mortgage Guaruantee - can you own any other property?
I remember reading at the time Help To Buy 2 would be able to help existing home-owners who cannot afford to move/negative equityl etc. Would they be allowed to get a Consent to Let(or BTL dependent on equity) in their current home, rent it out to tenants and use Help To Buy 2 to buy a new home to live in?
Some confusion on Help To Buy 2 for existing home owners
Help To Buy 1 - Equity Loan - you cannot own any other property. OK understood.
Help to Buy 2 - Mortgage Guaruantee - can you own any other property?
I remember reading at the time Help To Buy 2 would be able to help existing home-owners who cannot afford to move/negative equityl etc. Would they be allowed to get a Consent to Let(or BTL dependent on equity) in their current home, rent it out to tenants and use Help To Buy 2 to buy a new home to live in?
0
Comments
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AIUI it will not be available in the circumstances you describe.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
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KS is correct
Phase two for existing owners is to help them move - not to help them build buy to let portfolios.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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