Using help to buy more than once

Opera14

Hi there, I purchased a new build property last year using help to buy. This year they've upsized it to 40% equity loan plus my income situation has improved dramatically, so I would like to buy a bigger place. If I sold my existing property and thus paid back the equity loan, would I be able to buy a new property using help to buy again provided it met all the other criteria? I.e. can I used help to buy again (at any one point I will only have one home).

Thanks for any help

drsquirrel

Help to buy can only be used once, that's kind of the point of it.

Are you currently on a joint mortgage? I myself am trying to find if my spouse (who isn't on our current property) can use theirs on our next (my second, their first). So maybe you can go joint then could possibly use theirs (so long as they aren't on the current etc).

Opera14

drsquirrel wrote: »

Help to buy can only be used once, that's kind of the point of it.

Are you currently on a joint mortgage? I myself am trying to find if my spouse (who isn't on our current property) can use theirs on our next (my second, their first). So maybe you can go joint then could possibly use theirs (so long as they aren't on the current etc).

OK thanks...and I presume there is no way to port it onto another property? I really regret not waiting a year now before buying.

Currently I'm on a single mortgage.

Opera14

drsquirrel wrote: »

Help to buy can only be used once, that's kind of the point of it.

Are you currently on a joint mortgage? I myself am trying to find if my spouse (who isn't on our current property) can use theirs on our next (my second, their first). So maybe you can go joint then could possibly use theirs (so long as they aren't on the current etc).

Btw are you 100% sure on this..I can't find it anywhere on the website. I ask because you say "it's kind of the point of it"...but if you are an existing homeowner you can still use help to buy for a new property so long as you sell your existing place or use it as your secondary property.

glosoli

Just out of curiosity why not just go for a regular mortgage and get rid of the help to buy element?

drsquirrel

Opera14 wrote: »

Btw are you 100% sure on this..I can't find it anywhere on the website. I ask because you say "it's kind of the point of it"...but if you are an existing homeowner you can still use help to buy for a new property so long as you sell your existing place or use it as your secondary property.

It's meant to help first-time buyers to get onto the market - if it was meant for everyone they could just reduce stamp duty.


Point #3 http://www.moneysavingexpert.com/savings/help-to-buy-ISA
"As for what a first-time buyer is – the definition is strict. It's someone who doesn't own and has NEVER owned an interest in a residential property, either inside or outside the UK, whether it was bought or inherited."

And since you mention a bigger place the limit is for properties up to £250k.

Elfbert

But the OP isn't talking about the ISA, they're talking about the 40% equity loan thing.

OP - I'm not aware of any restrictions apart from not using it to buy a second property (whilst keeping the first). But I did only look into briefly before deciding it wouldn't suit me (because the properties offered on the scheme seemed wildly over-priced in my area).

Opera14

drsquirrel wrote: »

It's meant to help first-time buyers to get onto the market - if it was meant for everyone they could just reduce stamp duty.


Point #3 http://www.moneysavingexpert.com/savings/help-to-buy-ISA
"As for what a first-time buyer is – the definition is strict. It's someone who doesn't own and has NEVER owned an interest in a residential property, either inside or outside the UK, whether it was bought or inherited."

And since you mention a bigger place the limit is for properties up to £250k.

We are talking about different things I think...I'm talking about the equity loan, not the ISA, which is not just for first-time buyers. And the limit is 600k in London which is where I'm looking.

Opera14

glosoli wrote: »

Just out of curiosity why not just go for a regular mortgage and get rid of the help to buy element?

Because I can have a much lower ltv with the deposit I actually have available. I think I can pay the equity loan off within five years (a lot of my income is deferred cash and stock).

Lizbragg33

Hi,

I've just move into a new build using the HTB equity loan and this is not just for first time buyers, it's to help people move into bigger homes. We were not first time buyers but were stuck in a small flat. Also you can use the equity loan more than once as long as you are buying a new build.
Give them a quick call to double check but I'm sure you would be fine as you want to move to a bigger house.

Good luck

amnblog

Ignore all the nonsense above Opera.

Yes, you can move and sell, buying again using London Help to Buy.

(London H2B is the 40% scheme, available only on properties inside London Boroughs, otherwise you are still looking at 20% max)