RTB With Halifax When can I change to BTL?

Skint_but_Optimistic

I am living in a house which is WAAAYY too small. I have a rtb mortgage, initiated Feb 2013 and I would like to know when I can convert this to a BTL. I was going to add an extension but my husband has a BTL mortgage already and it might be better for us as a family to get a joint mortgaged home. I am the main wage earner and it seems sensible. If I cant convert, what are my options.
I am really struggling to know what my options are. Thanks for all your help!!

chanz4

do you rent it now?

GMS

Check the T&C's of the RTB. Doubt you will be able to whilst in pre-emption

Skint_but_Optimistic

We have bought it... would like to move out this year. What can I do to make this happen?

Fingersinc

Speak to your lender. I got consent to let 7 months after completing my purchase. No fees, no increase in interest rate, no nothing. Just the cost of a second class stamp.

leveller2911

Whatever happend to the RTB scheme where people bought the house they lived in to.......well live in rather than for profit.If the property was too small you could have swapped with another tenant with a larger property.


The RTB scheme was a shameful way of bribing the working class.

I was chatting to my neighbour the other evening who was bemoaning at the fact that both his children will never be able to buy a house (low wages) or get a Social Housing property (because they don't have kids) even though he had exercised his RTB on his Council house, bought with a 69% discount and later sold it for a massive profit.. The irony was lost on him.....

Dave_Ham

Sell the house, pay the Local Authority back the discount and buy a house with your Husband that meets your needs

Skint_but_Optimistic

Thanks for the advice, please dont judge me on this, I have lived in a council house for ten years as my ex husband had not bought me out of our old marital home. (which I have since been awarded) I did a lot of work to the house and the garden and it is a lovely house. My only issue is that the ground floor isnt big enough and I have been stopped from doing a planned extension.

I dont want to sell the house. I will speak to the halifax and see if anything can be done. I didnt know if there was something to satisfy initially.

This isnt a quick profit, I work very hard, have had few holidays and have a car over ten years old. I invest hard work and time into my home while I am working to be debt free. I am looking to the future as this will provide an income as pensions are being eroded.

Thanks all for your time.

Dave_Ham

This is not about Halifax, they would potentially grant consent to let; this is about your Right To Buy with the Council.

Read the terms of the Right To Buy and the discount is on the proviso that you live in the property.

I am finding it difficult not to judge (although trying not to) because I cannot see any other motive than personal gain. It is not even 1 year since you bought the property, your Husband has another property that is let for commercial gain and now you want to buy a bigger property whilst renting your existing discounted property out for commercial gain.

I am not saying many, many would not have done the same as you in your situation and there is benefit abuse all round the place but cannot advocate your course of action here.

Skint_but_Optimistic

Thanks for your thoughts on this.

leveller2911

Skint_but_Optimistic wrote: »

Thanks for the advice, please dont judge me on this, I have lived in a council house for ten years as my ex husband had not bought me out of our old marital home. (which I have since been awarded) I did a lot of work to the house and the garden and it is a lovely house.

I'm confused now maybe you can clarify the above. Your husband "had not bought you out of your old marital home which you have now been awarded"........ So whilst living in and buying the Council house you lived in for 10 years (post old house) you actually owned the original house you had with your husband?...

If this is correct is that not a breach of your Council tenancy agreement ? as you were part owner of a house whilst also gaining a Council house tenancy.......If so this is fraud...

This isnt a quick profit, I work very hard, have had few holidays and have a car over ten years old. I invest hard work and time into my home while I am working to be debt free. I am looking to the future as this will provide an income as pensions are being eroded.

Not about quick profit?.....You only bought the RTB council house 12 months ago and as for "I work very hard and had few holidays" well join the club , millions in this country are in the same boat.

Quote : " I an looking to the future as this will provide an income as pensions are being eroded".....

So it clearly is "For profit". You have denied a needy family a Council House and your actions are immoral and a disgrace.....