first time buyer scheme

phozy888

Hi Guys,

I currently solely own a property and rented out and I'm mortgage free.

I would like to purchase another property with my wife and trying to use the help to buy scheme. I know I cannot use this as I have a existing property. However will my wife be able to use this .... ie ..

joint mortgage but property solely in her name ?

Thanks

marksoton

Highly unlikely most lenders would allow this.

And pretty disingenuous to try and play the system in my opinion.

phozy888

Struggling to save a larger deposit so just seeing what options are.

marksoton

As are most genuine first time buyers.

The scheme is designed to help these people not those with an existing property.

Pixie5740

The majority of lenders, if not all lenders, will not allow 2 people on the mortgage and only 1 on the deeds. Besides it's an HTB mortgage you are looking for and you aren't eligible for HTB.

If it's HTB Mortgage Guarantee you are going for then there are 95% LTV mortgages available on the market outside the HTB scheme.

Alternatively, you could mortgage the BTL property to release some equity and use that to increase your deposit.

LJS2014

If you were planning to do a joint HTB mortgage application neither of you would be able to own another property. Sure there's a clause in the paperwork re: if you're found to own another property HTB repayment must be made in full immediately. Also the name(s) on the HTB authority have to be the same as the name(s) on the mortgage and deeds (or at least they did when I went through the process.) As others have said, the scheme really is designed to give first time buyers a helping hand onto the property ladder rather than assisting in the purchase of second properties.

Dan-Dan

phozy888 wrote: »

Hi Guys,

I currently solely own a property and rented out and I'm mortgage free.

I would like to purchase another property with my wife and trying to use the help to buy scheme. I know I cannot use this as I have a existing property. However will my wife be able to use this .... ie ..

joint mortgage but property solely in her name ?

Thanks

Let`s all hope not

gregsayer

if it was your girlfriend, maybe, but not wife.


you can't get the HTB equity loan if you own property.

phozy888

Thanks All ! I'll look at other options available to me.