Deposit delay - Will Help to Buy, Help?

Jones80

Hi,

To cut a long story short I own what is effectively £80,000 in a house that came through inheritance.

The problem is I cannot get that money until the single remaining family member in the house dies. Realistically within the next 2 years as they are 96!!!

I currently have about £35,000 in savings.

So, in the next few years I would have been able to put say £115,000 down on a house as a deposit. I'm a first time buyer.

Probably a house with a value of around £250,000.

This is the bit I need some advice/help with....

Is there a way I can use something like the help to buy scheme, so I can buy now, then when the aforementioned person dies I instantly pay it back?

I guess what I essentially need is a loan for a bigger deposit, based on the fact I can 100% pay that back sometime in the near future with 'assets' I own.

Not a nice subject talking about people in this way, but you have to be realistic in life I guess.

Thanks in advance

CKhalvashi

If the house is in your name, it may be possible to mortgage that, and use the money for a deposit.

If not, you'll have to wait.

kingstreet

HTB is not available to those who own and will continue to own a property after completion of the new purchase.