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Help to buy equity loan but partner owns property abroad

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Krautboy
Krautboy Posts: 4 Newbie
edited 11 December 2017 at 4:08PM in House buying, renting & selling
Hi everyone hope you are well.

I got a quick question in regards to the government help to buy scheme where 20% is given as an equity loan.

Would i qualify although my wife owns a property abroad.

I never owned a home and so this would be my first property. Also currently saving into an help to buy isa account.

Let me know your thoughts.

Thanks

Comments

  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 22 August 2017 at 6:41PM
    From the Help To Buy guide:

    Q Can I own other homes and buy a Help to Buy home?

    No. Help to Buy is designed to assist you to move up the housing ladder
    and must be your only residence
    .
    This means you will be expected to sell your current home
    (in the UK or abroad) if moving up the ladder.
    The disposal of your current home will be verified by your solicitor/conveyancer before you can proceed to exchange contracts on the Help to Buy Home.

    In addition you cannot be linked to another property financially.
    For the avoidance of doubt, married couples own assets jointly and therefore if one owns a property the other is directly linked to the asset and treated as a home owner also.
  • Ok thanks for that, id didnt see that document online.

    So even if the property of my wife (where her parents live in) is low value 15 k, i wouldnt qualify for the HTB

    Could it be a work around to change ownership of the apartment,? I.e. My wife gives the apartment to her parents and is then no longer linked to the apartment in any way.

    Thanks
  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If she ceases to have an interest in any other property on or before completion of the new purchase, that would be fine.

    Although she won't be a party to the purchase, as an occupier you will be expected to declare her details to the HTB Agent when you submit the PIF & Reservation.
    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.
  • I can't actually find this in the guide "(in the UK or abroad)".

    The text reads:

    Can I own other homes and buy a Help to Buy home?

    No. Help to Buy is designed to assist you to move on to or up the housing ladder and must be your only residence. This means you will be expected to sell your current home if moving up the ladder. The disposal of your current home will be verified by your solicitor/conveyancer before you can proceed to exchange contracts on your Help to Buy home.
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