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Help To Buy Scotland - existing mortgage
Neilly109
Posts: 2 Newbie
Hi,
I thought I'd ask on her for a wee bit of information.
It's regarding the government help to buy scheme in Scotland.
Long story short but I have a property whereby was bought by myself and an ex, we split up and I bought her out, her names still on the loan but my names solely on the deeds. I have been renting this out for past couple of years (with approval of bank).
My new partner and I are looking to buy our own property and the governments help to buy scheme seemed ideal. However, I believe one of the stipulations is you can't have an existing mortgage.
My question or query is this, does the existing mortgage pertain to both parties, eg my current partner doesn't have a mortgage, and I have one with an ex, would that hamper my current partner and I using the scheme? Or would it be based on a joint name mortgage?
Excuse my ignorance, and I appreciate any responses or advice given, thanks,
Neil
I thought I'd ask on her for a wee bit of information.
It's regarding the government help to buy scheme in Scotland.
Long story short but I have a property whereby was bought by myself and an ex, we split up and I bought her out, her names still on the loan but my names solely on the deeds. I have been renting this out for past couple of years (with approval of bank).
My new partner and I are looking to buy our own property and the governments help to buy scheme seemed ideal. However, I believe one of the stipulations is you can't have an existing mortgage.
My question or query is this, does the existing mortgage pertain to both parties, eg my current partner doesn't have a mortgage, and I have one with an ex, would that hamper my current partner and I using the scheme? Or would it be based on a joint name mortgage?
Excuse my ignorance, and I appreciate any responses or advice given, thanks,
Neil
0
Comments
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http://www.scotland.gov.uk/Topics/Built-Environment/Housing/BuyingSelling/help-to-buy/InformationForBuyers[FONT=Arial, sans-serif]If you or your partner already own a home i.e. named on the title deeds of a domestic property, you will not be eligible to purchase a property until that property is sold.[/FONT]
Looks like you'd have to sell up before being able to use the scheme0 -
Surprised your ex's names are off the deed but still on the loan, they can chase her if you stop paying but she has no entitlement to the property. Sounds unusual.
You would need to sell up before you could use the scheme. Your partner may be able to purchase solely in her name, finances permitting, but not certain on the exact rules.0 -
Thanks for the reply, yeah it was something which was unusual, so much so my solicitor even found it strange but it was the bank that recommended it. Solicitor even advised her of the pitfalls etc but was a way of buying her out whereby she got the her half of the equity and I kept the house.
Scheme seems really good but looks like will have to sell to take part.
Thanks0
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