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Help to Buy - Couples
Ollie_D
Posts: 73 Forumite
Hi, I'm here for your knowledge and judgement.
I currently own my property that me and my girlfriend live in, we are now looking to upsize and get a bigger place.
My plan all along was to keep my current place and rent it. It's in a strong rental area, and will easily pay for itself even considering maintainance and unoccupied periods.
The problem is my girlfriend won't have enough deposit for a joint place, unless we go for Htb with a 5% deposit.
She won't be entitled to a mortgage alone as I as understand it we won't be entitled to Htb if we do a joint mortgage.
So as I see it I have two options:
- Sell my place and forget my rental plans
- Look into transferring my property to someone I trust.
I welcome your help and thoughts.
Thanks as always!
I currently own my property that me and my girlfriend live in, we are now looking to upsize and get a bigger place.
My plan all along was to keep my current place and rent it. It's in a strong rental area, and will easily pay for itself even considering maintainance and unoccupied periods.
The problem is my girlfriend won't have enough deposit for a joint place, unless we go for Htb with a 5% deposit.
She won't be entitled to a mortgage alone as I as understand it we won't be entitled to Htb if we do a joint mortgage.
So as I see it I have two options:
- Sell my place and forget my rental plans
- Look into transferring my property to someone I trust.
I welcome your help and thoughts.
Thanks as always!
0
Comments
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Forget option 1, I can help you with option 2.
PM me.0 -
The point of help to buy is to assist people onto the housing ladder.
You're already on the housing ladder, there's no government scheme to assist people upsizing .0 -
I appreciate that, I don't feel right about being seen as abusing the system that's there to help people.HouseBuyer77 wrote: »The point of help to buy is to assist people onto the housing ladder.
You're already on the housing ladder, there's no government scheme to assist people upsizing .
Just wish there was someway we could get 50% of the HTB for my partner.0 -
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Can you not take equity out your current property to help with the deposit on the new property?:jFinally going to be a homeowner:T0
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What do you mean by HTB?
Help to Buy Equity Loan on a new build? You can use this.
Help to Buy Mortgage Guarantee for a 95% mortgage? You can use this, but there are 95% mortgages that don't use it anyway, it's transparent to you.
Help to Buy ISA? You can't use this, but If she's been saving since it opened she only has about £1,200 in "bonus" money anyway, and if you are worried about a difference in deposit of £1200 you probably shouldn't be buying a house together.
And, this new property is going to be subject to 3% additional tax as you already own a home you don't want to sell, so if you buy a home for £200k, that's £6k extra for you to pay (why should she pay it).0 -
HouseBuyer77 wrote: »The point of help to buy is to assist people onto the housing ladder.
You're already on the housing ladder, there's no government scheme to assist people upsizing .
Rubbish-HTB is not for first time buyers, you can use it to upsize if you like as all buyers face the same market conditions (in London you can buy a property worth up to £600k).0 -
Rubbish-HTB is not for first time buyers, you can use it to upsize if you like as all buyers face the same market conditions (in London you can buy a property worth up to £600k).
As pointed out above there are multiple different schemes floating around.
If you are not a first time buyer and will own more than one property then I don't think any apply.
If you know of a scheme that allows you to gain government assistance to purchase a house when you are not a first time buyer and allows you to own another house then I'm sure the OP would like to know about it.
Schemes and eligability are here: https://www.helptobuy.gov.uk/
Seems everything is either FTB only or 'You won’t be able to sublet this home or enter a part exchange deal on your old home. You must not own any other property at the time you buy your new home with a [Scheme X]'
So I was wrong, the government does help upsizing. But not if you plan to rent out your old house rather than sell it.0
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