Help to buy and renting it out?

sunil237

ultrafox wrote: »

What are you basing that on? I'm not saying they won't increase (Although I personally believe that they won't) but that is a large amount over the next few years.

Rough estimation through a bit of research. I think this year there was a rise of 9%, and it was expected to be 6%. London itself rose 18%. I think it was predicted that the next 2-3 years will have a rise of 4%

Sorry can't give source's I read up a few days ago so can;t remember it exactly or where from. But that was the jist of it and my interpretation from a few articles.

sunil237

Pixie5740 wrote: »

I would like to offer an alternative solution though. What about buying a property and getting a lodger in to help cover the cost of living as that would not involve committing fraud?

I've asked about this and they said no it is still not possible to do it that way. Do you have a source or information on where you found out you could?

I am also being told I would not qualify because I am about to buy a flat, through a limited company With a business partner.. Meaning I cannot use it as my residence, I have a bank as my lender and they would not even consider letting me live there. Has anyone had experienced this?

Pixie5740

Which Help to Buy Scheme are you looking to [STRIKE]defraud[/STRIKE] use? Equity Loan or Mortgage Guarantee?

Although it's a really a moot point if you're not be going to be eligible for either since you will already own another property.

sunil237

Pixie5740 wrote: »

Which Help to Buy Scheme are you looking to [STRIKE]defraud[/STRIKE] use? Equity Loan or Mortgage Guarantee?

Although it's a really a moot point if you're not be going to be eligible for either since you will already own another property.

I'm looking to defraud the equity scheme.

I don't own any properties. I am currently going through that business deal.

Pixie5740

http://www.helptobuy.org.uk/docs/default-source/default-document-library/help-to-buy-equity-loan-buyers-guide.pdf?sfvrsn=4

See pages 5, 8 and 18.

You aren't permitted to rent out the whole property except in some extreme circumstances. However, a lodger is something different. Who told you that you wouldn't be able to take in a lodger?

sunil237

Pixie5740 wrote: »

http://www.helptobuy.org.uk/docs/default-source/default-document-library/help-to-buy-equity-loan-buyers-guide.pdf?sfvrsn=4

See pages 5, 8 and 18.

You aren't permitted to rent out the whole property except in some extreme circumstances. However, a lodger is something different. Who told you that you wouldn't be able to take in a lodger?

Thanks, I'll have a read soon.

A help to buy agent, I'll have to make sure they understand the difference.

Re: Lodgers.

Lodgers:
Thank you for your enquiry regarding getting a lodger.
This is permitted under the scheme, as long as you will still be living in the property.
A Declaration of Interest must be signed by the person staying to confirm they have no
interest in the ownership of the property.

Source

chewmylegoff

sunil237 wrote: »

I will have a look into this method, I am able to consider moving in myself, renting out 2 rooms, and waiting for a few years till the misses moves in. This could be ideal, thanks.

@everyone
I understand the heat I am getting for this, but consider the following;
I am a first time buyer.
I want to move within 30 minutes of my family.
I have looked for 130k houses (the cheapest), all in racist areas.
Without this scheme I can get mortgage approval, and repay a whooping 1k a month for 30 years!
That means I cannot afford a house without this scheme which will drop it to 750-800 a month.
H2B will (may) cease to exist next year.
Prices are likely to rise 10-15% over the next 2-3 years. not only increasing the deposit needed but the repayments (which is the main cause of foreclosures).
I am seeking a method for which I can secure my future family financially. I am not doing anything yet, but I want to at the very least explore my options.

So why not just buy a house using HTB now and live in it? If the only reason as intimated in your opening post is that you don't want to move house for another 2-3 years then surely securing your family's future is far more important than whether you will experience short term inconvenience.

sunil237

chewmylegoff wrote: »

So why not just buy a house using HTB now and live in it? If the only reason as intimated in your opening post is that you don't want to move house for another 2-3 years then surely securing your family's future is far more important than whether you will experience short term inconvenience.

Money isn't that the answer to everything. I didn't realise till I read back that I hadn't really explained myself well.
My salary wouldn't be much above my expenses, so I thought it best to explore my option of renting a room or 2 out. Obviously having lodgers is the better option now, and even though it won't be as consistent it provides me some security, and a way to make some extra cash to help when times are tougher.

Suarez

Troll.....

Pixie5740

sunil237 wrote: »

Thanks, I'll have a read soon.

A help to buy agent, I'll have to make sure they understand the difference.

Re: Lodgers.


Source

So you are permitted to take in lodgers then and the HTB agent has confirmed this.