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Existing Help 2 Buy
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lspell1
Posts: 74 Forumite
Hello All,
I hoped somebody may have come across this before or would be able to help.
12 months ago i was removed from my property that i bought back in 2010 using the Help 2 Buy: Equity loan scheme (20%) with my deposit of 5%.
I was removed from the property due to subsidence from an old coal mine.
The coal miner has offered a settlement of what i paid for it and i have only paid a small amount off the equity loan leaving me with minimal equity in the property, around 7%.
I also bought a BTL a couple of years ago which is completely self sufficient but i am struggling to sell it.
I havent been detered by buying a new build and do wish to purchase another one once the settlement as been finalised with the coal miner. Am i right in saying, even due to the circumstances i will be unable to use the help to buy scheme again due to the BTL property?
I hoped somebody may have come across this before or would be able to help.
12 months ago i was removed from my property that i bought back in 2010 using the Help 2 Buy: Equity loan scheme (20%) with my deposit of 5%.
I was removed from the property due to subsidence from an old coal mine.
The coal miner has offered a settlement of what i paid for it and i have only paid a small amount off the equity loan leaving me with minimal equity in the property, around 7%.
I also bought a BTL a couple of years ago which is completely self sufficient but i am struggling to sell it.
I havent been detered by buying a new build and do wish to purchase another one once the settlement as been finalised with the coal miner. Am i right in saying, even due to the circumstances i will be unable to use the help to buy scheme again due to the BTL property?
0
Comments
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Yes. That's correct.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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