Help to buy scheme and subletting spare rooms

Fan123

Can I sublet my spare rooms while I have brought my house under help to buy scheme

G_M

What do the scheme rules say?

My guess is that letting the property is probobly not permitted, but taking in a lodger is probobly OK.

But I can't see your contract.......

Fan123

Thanks By G_M

kinger101

I any event, if it's a spare room in your home, don't give them a tenancy agreement. A lodging agreement with one weeks notice in case you need them out.

Fan123

Thanks Kinger101
Today I saw the contract
It does say that I need to take the permission from the mortgage company
These type of properties or only to be used by owners and they cannot sublet rooms
I m so confused now
As few people in the neighbourhood are allowing lodgers without any hesitation
But for me they are a very strong people in terms of courage although they are in their 30s

Bob_Bank_Spanker_2

Are people in their 30s not courageous?

sparky130a

Fan123 wrote: »

Thanks Kinger101
Today I saw the contract
It does say that I need to take the permission from the mortgage company
These type of properties or only to be used by owners and they cannot sublet rooms
I m so confused now
As few people in the neighbourhood are allowing lodgers without any hesitation
But for me they are a very strong people in terms of courage although they are in their 30s

WTAFF...?!

The extra F is free.

lee111s

Fan123 wrote: »

Can I sublet my spare rooms while I have brought my house under help to buy scheme

Where have you brought it from and where have you taken it?

kingstreet

Fan123 wrote: »

Can I sublet my spare rooms while I have brought my house under help to buy scheme

Equity Loan or Mortgage Guarantee?

If the former, have a look here;-

http://www.myfirsthome.org.uk/


if the latter, ask your lender.

Fan123

Sparky130 whatever
Keep to yourself whatever that is WTAFFF extra F for you

Windofchange

The answer from as much as I understand is a resounding no. The idea of these government schemes is not to turn you into a buy to let landlord. I'm sure people around you are subletting to tenants - maybe a phone call to HMRC to see if they are paying tax on that, and to the housing association to check the legality of what they are doing is in order? I should imagine that none of this is above board and legal.

Why people get into help to buy, shared equity etc etc is beyond me. Oh look, a massively overpriced shoe box I can't afford and will never pay off - sign me up. I suppose this is a rant for another thread.