Travelling First Time Buyer (sublets)

TBS2014

Good Afternoon, All.

I am a 25 year old Business Consultant, who currently rents a room in south London. I am looking to invest in my first home and would love some advise at a high level.

I have approximately £22,000 in deposit saved, not including £2000 I have put aside for fees (solicitors etc). I have an income of £31,500, which I fully expect to increase to £43,000 in 5 months time.

I have been looking at the various 'Help 2 buy' and similar government schemes as a potential way to get my first step on the ladder. But here is my gripe. My job often requires me to be travelling to different parts of the country for a few days a week at a time, leaving my home empty. My employer will pay for my stay in the place I am going to, however I am looking for a way to capitalise on having an empty place.

If I was to buy a 2 bedroom house of flat, do any of these schemes allow you to sublet a room? (Assuming that the property is still your main residence and you do 'live there'). I know that shared ownership schemes do not allow this, but what about equity loan and mortgage guarantee schemes?

I guess I am looking for the most sensible option, which would depend on a variety of things. Any input and advise would be very much appreciated.

Tom.

ethank

You can't use the Help to Buy scheme unless you intend to live there. You cannot receive rent without permission from the Post Sales Help to Buy Agent. If they find out, they will undertake criminal proceedings.

The scheme is there to help you buy a home, not to make money from it.

TBS2014

Hi eThanks.

Thank you for your response; it is great to receive and I will take that feedback forward.

I think I may have misrepresented my intentions alittle. I was not asking how to make money from the property, I was enquiring as to whether or not you could rent out ONE room if you had a two bedroom property, if you also lived in the property yourself. I expect that I did not make this clear enough - apologies!

Many thanks.

amnblog

The rules say

'Help to Buy is designed to help you to move onto or up the housing ladder. If you wish to. Sublet, you will first have to repay the Help to Buy equity loan assistance'

Spangled

amnblog wrote: »

The rules say

'Help to Buy is designed to help you to move onto or up the housing ladder. If you wish to. Sublet, you will first have to repay the Help to Buy equity loan assistance'

If the OP just wants to rent a room does that count as officially subletting (and thus against the HTB rules)? Or does subletting only refer to when you rent out the entire property and you don't live there yourself?

TrixA

Your original post was a little unclear. You say that you travel for a few days at a time and intend to live in the property, but then you say you want to capitalise on having 'an empty place'.

Are you talking about taking in a lodger who would live there irrespective of whether you were away on business or not, or subletting the whole property at times when you're not there?