Buying a second home with help to buy scheme

Heyseemore

Hi all,

Me and my partner have a property which we rent out on a residential mortgage which has consent to let buy the mortgage company. The rent easily covers the mortgage, and will never be missed.
We have just started a family and have rented a larger property however after 6 months worth of payments I am sick of putting money in my landloards pockets!
So here goes..... My plan is to put the mortgage on the rented property in my partners name take myself off it. We are not married. We have enough for a deposit.....
We are then planning to get a mortgage in my name with the help to buy scheme...
Firstly i want some feedback as to weather this is possible as my partner does not work ( will the mortgage company allow myself to be taken off the mortgage... As in the concept that I have no financial interest in the property any more.

I look forward to your replies

Cheers

kingstreet

Snowball's chance in hell of you being released from a mortgage, where the remaining borrower cannot demonstrate ability to service it.

ognum

You not only will need to be removed from the mortgage but also from the Land Registry documentation.

Your partner will not get a mortgage without any income, how would she plan to pay this mortgage. If you continue paying the mortgage you have a finacial interest on the property which excludes you from HTB.

I think you will be committing fraud if you do this. sell the rental and buy yourself a bigger house.

DRP

Not really sure if op is serious.

Transfer a mortgage to someone without a job.

Buy a second home with HTB.

Heyseemore

My parner is on maternity pay and will be going back to work in a few months and her wage will cover the financial commitment on the rented property mortgage if the property was ever empty. What I want to know is if I was removed from the current mortgage, would my partner have to remortgage the property in her nae or would she b able to keep the existing mortgage provider?
Cheers

Talc1234

Heyseemore wrote: »

Hi all,

Me and my partner have a property which we rent out on a residential mortgage which has consent to let buy the mortgage company. The rent easily covers the mortgage, and will never be missed.
We have just started a family and have rented a larger property however after 6 months worth of payments I am sick of putting money in my landloards pockets!

But you have no problems getting money from other renters. Really hope my taxes don't get used to fund opportunist buy to leters.

Heyseemore

Thanks... No I have no problem gaining money from renters in fact I enjoy it. It's free money! I saved 10k by the time I was 22 and put that down as a deposit and then spent a further 9k renovating the property from inheritance so why should i not benefit from my savings and hard work ?!There is no chance of selling the property and getting our money out due to the current housing market, and also the part exchange scheme for a house that we wish to buy is also a no no. Therefore I see no problem with the plan that I have unless it is illegal which I cannot see how it is

Talc1234

It is designed to help people buy their home. You already have a home. The fact that you let it out for 'free money' is irrelevant.

Heyseemore

Because the housing market is knackered I am unable to do that! So I have worked from the age 18, one would expect that after paying a mortgage for years that when you decide to have a family the 'system' would enable a working couple to purchase a property suitable for a family.... i.e our first property was a purchase to 'get on the property ladder'. Anyway I don't know why I am defending myself here! Anybody reply with any guidance to weather what I have said is possible? I am a newcomer to this site and it seemss to be a chat room where users just nag and try and put the world to rights!

[Deleted User]

Heyseemore wrote: »

Because the housing market is knackered I am unable to do that! So I have worked from the age 18, one would expect that after paying a mortgage for years that when you decide to have a family the 'system' would enable a working couple to purchase a property suitable for a family.... i.e our first property was a purchase to 'get on the property ladder'. Anyway I don't know why I am defending myself here! Anybody reply with any guidance to weather what I have said is possible? I am a newcomer to this site and it seemss to be a chat room where users just nag and try and put the world to rights!

Where are you located? House prices are doing pretty well around me and down in the south too. If you made a bad purchase and are in negative equity perhaps the house you chose was wrong and the housing market isn't to blame?

The reason you're being nagged is because you're trying to take advantage of a scheme designed to help those that can't get on the ladder due to financial constraints... You're already on the housing ladder as a for-profit landlord, don't you think it's a bit unreasonable to manipulate your situation so that you can take advantage of the scheme?

greenface

what are the figures . what do you owe/earn your oh . mortgage ? price currently . what do you want to borrow / deposit etc