When does Help To Buy end for a practical view

dgtazzman

I'm currently in a house bought last year together with my now ex-wife, also using the HTB scheme (she dropped the bomb on me a week after we moved in that she was cheating on me and was leaving, so lovely timing). It's a nice house, but is has an emotional load and it is nowhere near any of my family, so I am considering selling up in a few months and buying a house by myself using the scheme, closer to my family.

I'm pretty confident I won't be loosing money on this house, even if it was new build and only bought a year ago. Prices in my area have started going up like mad, due to spillage of surrounding areas, that are more expensive, so good for me.

I know the scheme is set to end at the close of this tax year, but does that mean if I bought another new build using the scheme, it would have to be completed before April 2016, or would the HTB application simply have been submitted before this date? I don't see the scheme getting extended, with the new ISA's they've announced and without using the scheme, it will probably take me 3 years or so to get things in place to buy the sort of house I want near to my family.

The info would help me with my timing as the longer I can put off selling my current house, the more money I will probably get for it.

Another reason why I would like to move fast is that my ex is looking to get her name off the mortgage of this house, as she is already in a new relationship and they are looking to buy in a year or so. I've been trying to get her name removed, but the lender keeps fobbing me off. I suspect they're not really interested as there's no extra money in it for them and will only take effort on their front. I've been trying with 2 different branches to make appointments to get the ball rolling and keep getting promised callbacks, that never happen, so I've pretty much given up on that.

Thrugelmir

dgtazzman wrote: »

I've been trying to get her name removed, but the lender keeps fobbing me off. I suspect they're not really interested as there's no extra money in it for them and will only take effort on their front.

I suspect the lenders concern will be affordability on your sole income.

stator

Are you thinking of the new house being HTB Equity Loan or HTB Mortgage Guarantee?

dgtazzman

Equity loan as it's a new build, same as what we used for the mortgage on my current house. My income is more than sufficient to support the mortgage, I just can't get an appointment to go through the process of getting my ex's name off the mortgage/deeds. The lender seems more interested in giving their appointments to people looking for new mortgages. Ex has already agreed via a consent order that she foregoes all her interest in the house. We are still on good terms and have made our own agreements, made legally binding via a consent order, just need to get this sorted by the lender.

The current mortgage was based largely on my income, as my then wife only worked part time and my pay has since gone up so my sole income is higher than the joint income was when we applied for the mortgage, but that wasn't my question.

I just wonder as I'd probably be looking to reserve a new house towards the end of the year, which would then likely be completed after the end of this tax year, so would that still qualify for the HTB scheme...

Luckily house prices in the area I'm looking to buy in are pretty stagnant.

kingstreet

HTB Equity Loan isn't ending this year.

IIRC it was extended and now runs until 2020, with HTB - MG running until March 2016.

Subject to political changes, of course.

dgtazzman

That would be good news. All Mr. Google came up with was the March 2016 date. That would mean I can hold off till the fixed term on the current mortgage ends in May next year, avoiding ERC's and giving me a little more time to buffer my savings.