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Help to buy scheme
PineappleMan
Posts: 6 Forumite
Hi all
I am wondering whether I would be accepted on the government help to buy scheme if I owned a property abroad? This is not my home nor is it rented out, I currently rent a flat in the UK and this is where I live.
I have been doing some research and I have come across conflicting information.
Does anyone know for definite, as this could be a huge factor in my plan to buy my first home in the UK.
Many thanks in advance.
I am wondering whether I would be accepted on the government help to buy scheme if I owned a property abroad? This is not my home nor is it rented out, I currently rent a flat in the UK and this is where I live.
I have been doing some research and I have come across conflicting information.
Does anyone know for definite, as this could be a huge factor in my plan to buy my first home in the UK.
Many thanks in advance.
0
Comments
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I don't believe they check this.0
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Help To Buy - Equity Loan, or Help To Buy - Mortgage Guarantee?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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PineappleMan wrote: »May I ask what makes you believe this?
Thanks
As it would be very difficult to check! Where is the other property?0 -
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PineappleMan wrote: »It's in Spain. In this day and age I would have thought they know everything about everyone!
I would have thought it would be very difficult to check, as not all countries operate as we do. However have just searched the internet and the Orbit Help to Buy website only says you have to sell an existing property abroad if you apply for shared ownership.
Under Help to Buy it just says 'Exisiting Property' no mention of home or abroad - Perhaps call your Help to Buy Agent anonymously and query what the rule is?0 -
I would have thought it would be very difficult to check, as not all countries operate as we do. However have just searched the internet and the Orbit Help to Buy website only says you have to sell an existing property abroad if you apply for shared ownership.
Under Help to Buy it just says 'Exisiting Property' no mention of home or abroad - Perhaps call your Help to Buy Agent anonymously and query what the rule is?
Thanks, I'll do just that.
Open to any other advice/info if anyone else has any.0 -
Are you prepared to make a false declaration?The Applicant understands that if it is found that false information has been given to obtain assistance under the Help to Buy Initiative either knowingly or recklessly, appropriate legal action may be taken and the Agency may take action under its Equity Mortgage.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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kingstreet wrote: »Are you prepared to make a false declaration?
I am in no way going to break the law or do any fraudulent acts.
I just want to know where I stand as I can not find any black or white answer.
If I am not eligible for the equity loan scheme because of property owned overseas then I shall need to come up with a plan B.0 -
The above declaration is what you'd have to sign for a HTB - Equity Loan application if you buy a newbuild. The form specifically asks if you own another property. It does not matter where it is located.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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