Help to buy but not living in Property?

ashp_2

Hi,

We are a young couple hoping to take advantage of the help to buy scheme. Our housing is supplied by our company rent free for the purposes of our employment, This obviously complicates things with regards to weather we are able to apply for this type of first time buyer mortgage.

We are keen to buy a house for our retirement so its obvious we could not let out the property as this would be a buy to let mortgage.

So I'm wondering if we could still get this mortgage if we lived in the house part of the year with the possibility of my sister living in the house rent free permanently. We do not need to pay rent on our company housing we can easily afford to pay a mortgage. The house could be empty if it means we get a mortgage.

I'm not familiar with how this would work but hopefully somebody could enlighten me.

Thanks in advance for any responses.

Thrugelmir

Why not just continue to save while your employer provides accommodation. Little point in paying interest unnecessarily.

ashp_2

Its still an option.
My main question I guess is weather I would be able to let my sister live in my house rent free if I was to pay the mortgage. The interest would not be an issue if it meant I could help my family out.

ACG

I cant see how this will help you.

If your not paying rent, saving a deposit up must be a doddle. So why not save up 10% and buy a house the normal way or just put away what you would be paying on rent/mortgage in a savings account so you can buy a property outright when the time comes.

ashp_2

ACG wrote: »

I cant see how this will help you.

If your not paying rent, saving a deposit up must be a doddle. So why not save up 10% and buy a house the normal way or just put away what you would be paying on rent/mortgage in a savings account so you can buy a property outright when the time comes.

Thanks for your reply. I think we are going to save the 10%, As I read more and more this seems to be the best option. Other then helping my family out if its viable we would continue to save untill the time comes.

amnblog

The scheme is available for main residence only. To get people into homes, not to help them invest for the future when the current government will be out of office and won't care what happens.

Senior_Paper_Monitor

There are other ways to achieve what you want (property for the future - help your sister out) but I don't think the Help to Buy scheme will accommodate it (I admit I am less than enthusiastic or expert in the these schemes, so someone may correct me).