We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Have BTL, but no resi home. Help to Buy/Shared Ownership?
Lysimache
Posts: 195 Forumite
Hello,
My friend has a BTL mortgage but no actual residential home (they used to move around a lot for work). This means they are classed as a current homeowner for most shared ownership schemes and for Help to Buy.
Now their problem is their income x5 only gets them up to £300k - slightly less than the £350-£400k they need. (They are thinking of getting a 2 bed and having a live-in lodger, too).
If they could use Help to Buy London, this problem would be obviated - but other than selling the BTL, there doesn’t seem to be any way around the ‘no current home’ requirement for someone who lacks a residential home to live in, but has a BTL.
Am I missing something?
My friend has a BTL mortgage but no actual residential home (they used to move around a lot for work). This means they are classed as a current homeowner for most shared ownership schemes and for Help to Buy.
Now their problem is their income x5 only gets them up to £300k - slightly less than the £350-£400k they need. (They are thinking of getting a 2 bed and having a live-in lodger, too).
If they could use Help to Buy London, this problem would be obviated - but other than selling the BTL, there doesn’t seem to be any way around the ‘no current home’ requirement for someone who lacks a residential home to live in, but has a BTL.
Am I missing something?
0
Comments
-
They will have to stump up an extra 3% stamp duty as well unless they sell the BTL.When using the housing forum please use the sticky threads for valuable information.0
-
Hello,
My friend has a BTL mortgage but no actual residential home (they used to move around a lot for work). This means they are classed as a current homeowner for most shared ownership schemes and for Help to Buy.
On the grounds they already own a home? Shocking.
Now their problem is their income x5 only gets them up to £300k - slightly less than the £350-£400k they need. (They are thinking of getting a 2 bed and having a live-in lodger, too).
If they could use Help to Buy London, this problem would be obviated - but other than selling the BTL, there doesn’t seem to be any way around the ‘no current home’ requirement for someone who lacks a residential home to live in, but has a BTL.
Am I missing something?
Yep, the bit you glossed over that I've emphasised.
Why is the fact its a BTL relevant? If they hadn't been "moving around" and had instead bought a house they lived in, and now wanted to move on from that, would they be asking the same question ?
Why dont they just sell the BTL and use the equity from that to allow them to purchase the house they want instead of trying to work their way around the fact that the taxpayer isn't stumping up money to help them buy a second house.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.3K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards