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Taking in a lodger - help to buy
tunatuna
Posts: 29 Forumite
Was wondering if anyone could provide clarity on whether it is acceptable to take on a lodger whilst a property is on the government 'help to buy' scheme.
By taking a lodger I mean that, whilst I am still living in the property, I let out a room (not on an assured short-hold tenancy) and charge monthly rent.
The text quoted in the help to buy document does not quote any guidance for taking on a lodger, however it does stipulate no subletting is permitted.
The company for post help to buy sales questions, states that a lodger is permitted.
http://www.myfirsthome.org.uk/schemes/help-to-buy/subletting
By taking a lodger I mean that, whilst I am still living in the property, I let out a room (not on an assured short-hold tenancy) and charge monthly rent.
The text quoted in the help to buy document does not quote any guidance for taking on a lodger, however it does stipulate no subletting is permitted.
Q Can I sublet my Help to Buy home?
No. Help to Buy is designed to assist you to move on to or up the housing ladder. If you wish to sublet, you will first have to repay the Help to Buy equity loan assistance. In exceptional circumstances (e.g. a serving member of the Armed Forces staff whose tour of duty requires them to serve away from the area in which they live for a fixed period, then sub-letting can be considered. In these circumstances you would also require approval from your mortgage lender).
No. Help to Buy is designed to assist you to move on to or up the housing ladder. If you wish to sublet, you will first have to repay the Help to Buy equity loan assistance. In exceptional circumstances (e.g. a serving member of the Armed Forces staff whose tour of duty requires them to serve away from the area in which they live for a fixed period, then sub-letting can be considered. In these circumstances you would also require approval from your mortgage lender).
The company for post help to buy sales questions, states that a lodger is permitted.
http://www.myfirsthome.org.uk/schemes/help-to-buy/subletting
Lodgers
Taking in a lodger 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.
Taking in a lodger 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.
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Comments
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You don't need to say or do anything.
Once you're in you can get a lodger if you wish. The only time you will ened to get them to sign a declaration of interest is if you remortgage while you have a lodger. Unless you already have a specific loger who is definitely going to be living with you at the time you apply for the mortgage.0 -
@tunatuna did you managed to take in lodger in the house under help to buy scheme? If yes, what scheme do you have i.e. equity loan or mortgage or something else?
Please reply soon.0 -
The links relate to HTB Equity Loan.@tunatuna did you managed to take in lodger in the house under help to buy scheme? If yes, what scheme do you have i.e. equity loan or mortgage or something else?
On HTB - MG it is only the lender's conditions you need to adhere to.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
the thread is 18 months old!0
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