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Buying a cheap house while renting
Comments
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The Help to Buy Scheme: Equity Loans are only available in England and the OP is in Scotland. Scotland does have a Help to Buy Scheme but it's only for new build properties and has run out of money.
Really? I'm in Scotland too. The Help to Buy scheme I'm talking about is the one where it's the bank who is covered, rather than the buyer. As long as you have 5-10% deposit, property is under £400,000, and it's for your own home (ie not a BTL) you would qualify (as long as you pass the affordability rules and the house valuation is appropriate). This scheme is not open to new builds. For example:
http://personal.rbs.co.uk/personal/mortgages/help-to-buy.html
If you really want a brand new house then it wouldn't work, but eg a two year old house on a new estate, I don't see why that wouldn't be acceptable as long as it's not overpriced.
Pixie, where did you see it's run out of money? (Interested).
DFS0 -
Thanks for that link. I thought the Help to Buy Mortgage Guarantee was only available in England & Wales. It certainly used to be. Maybe it was changed after the referendum?
The only scheme that Scotland used to have was the Help to Buy Equity Loan which was only available for new builds for some participating builders.
http://www.scotland.gov.uk/Topics/Built-Environment/Housing/BuyingSelling/help-to-buy
The news about the Help to Buy Scheme running out of money came out in July.
http://www.bbc.co.uk/news/uk-scotland-28331541
Now I'm not sure which Help to Buy scheme the article is referring to.0 -
I have a similar problem, now I rent a house in coventry /525pm/ but I would like to buy a flat in Glasgow /50k/ and rent out. I'm thinking on BTL mortgage, but the problem is that my income is to low 18k
so I looking lenders who not require 25k income 0
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